Aker Kvaerner Takes Over Maintenance of Siri Platform

DONG has signed a letter of intent with Aker Kvaerner Offshore Partner regarding maintenance and modification on the Siri platform. The experienced Norwegian offshore company has chosen to take both Promecon and YIT A/S from Esbjerg as important Danish partners when they take over the maintenance contract on the Siri platform from January 1, 2005.

The contract will include maintenance planning, maintenance analysis, inspections and future modifications on the platform. According to the cooperation agreement with Aker Kvaerner Offshore Partner, Promecon shall be responsible for all steel and piping fabrication and installation, while YIT A/S will have an equivalent responsibility for the "white" disciplines electro, instrument and telecommunication. The two companies will also contribute with engineering resources for the accomplishment of the contract.

The cooperation agreement with Promecon and YIT A/S will secure the two Danish companies substantial transfer of know how from Aker Kvaerner Offshore Partner. The company has long and comprehensive experience from nearly 60-70 installations on the Norwegian and British shelf in the North Sea and will contribute to developing the partners' competence. This will increase Promecon's and YIT A/S's chances to win international contracts from their bases in Esbjerg.

"It is important to us that the delivery solutions for the operation and maintenance of the Siri platform are as cost-effective as possible," says Mr. Tore Sjursen, President of Aker Kvaerner Offshore Partner.

"I am convinced that the agreement we have reached, is a good solution for all parties involved, not only for the operating company DONG, but also for our partners Promecon and YIT A/S. This is the beginning of a long-lasting cooperation between the contractors in Esbjerg and Stavanger. The North Sea is a mature oil province where we have to work across all borders to contribute to value creation," says Mr. Sjursen.

If all the options are maintained, Aker Kvaerner Offshore Partner will from January 1, 2005, have the total responsibility for the maintenance of the Siri platform for ten years. Aker Kvaerner Offshore Partner will establish a subsidiary in Denmark in order to handle the contract. Initially the company will mobilize a few persons who will work integrated with the DONG company in Copenhagen.