Aker Kvaerner Signs Ormen Lange Contract

Norsk Hydro and Aker Kværner have signed the main installation contract for the Ormen Lange onshore plant on the north west coast of Norway. This is in accordance with the letter of intent presented in Aker Kvaerner's disclosure to the Oslo Stock Exhange on September 3, 2004.

The contract value is NOK 4.4 billion. Aker Stord is Hydro`s contract partner for the main installation contract. The sister company, Aker Kvaerner Elektro, will also play an important role. Aker Kvaerner Elektro will do all the electrical installation and automatisation work on the onshore plant, approximately 350 man-labor years. The contract will be booked as order intake in the third quarter 2004.