Aker Floating Production Signs Contract for Aker Smart 2

Koch Shipping Inc. has signed an agreement for an initial period of 60 days for Aker Smart 2. In addition there are options at the charterer's request for two additional 60 day periods and one 30 day option period, bringing the possible charter contract to the end of February 2008.

Conversion of the Aker Smart 2 into a floating production, storage and off-loading (FPSO) unit will start in the first quarter of 2008.

Including options this and the previously announced contract with Koch Inc for Aker Smart 3 secures employment and cash flow for both vessels until the start of the planned FPSO conversions.

The timecharter day rate is as for the recently extended agreement for Aker Smart 3 fixed at US $14,200. The location of the vessel will be in Malaysian waters.

The timecharter agreement will be operated by a wholly owned subsidiary of Borgestad ASA. Aker Floating Production's wholly owned subsidiary Aker Contracting FP AS has entered a back to back bare boat charter agreement with Borgestad.

Aker Floating Production has acquired three tankers for conversion in sequence at the Jurong Shipyard in Singapore. The conversion of Aker Smart 1 for Reliance Industries is well under way and conversion of the Aker Smart 3 into a floating production, storage and off-loading (FPSO) unit will start in the first quarter of 2009.


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