Aker Kvaerner Seals Deal for Caspian Barge Contract

Agip KCO and Aker Kvaerner have signed the contract for fabrication, outfitting and testing of seven barges for oil production in the giant Kashagan oilfield in the north Caspian Sea, offshore Kazakhstan. This is in accordance with the letter of intent presented in Aker Kvaerner's disclosure to the Oslo Stock Exchange on August 17, 2004.

The contract value is approximately NOK 1.5 billion and will be booked as order intake in the third quarter 2004. The contract partners are Agip Kazakhstan North Caspian Operating Company N.V. and Aker Kvaerner Engineering & Technology AS, a company within the Aker Kvaerner group.