Kerr-McGee Awards Aker Maritime Gunnison Contract

CSO Aker Maritime, Inc. has been awarded, by Kerr-McGee, an engineering, procurement and construction contract for a Spar floating production platform hull, associated moorings and riser system for the Gunnison field in the Gulf of Mexico.

The Gunnison field is located in the Gulf of Mexico's Garden Banks Blocks 667, 668 and 669 approximately 155 miles southeast of Galveston, Texas, in 3,122 feet of water.

CSO Aker Maritime is responsible for the engineering, procurement, fabrication and delivery of the complete hull, moorings and riser system. The engineering will be performed by CSO Aker Engineering in Houston and by CSO Aker Rauma in Finland. CSO Aker in Houston will also do the engineering and procurement of the riser system, while the mooring system will be engineered and procured by CSO Aker Rauma. The hull will be built at the CSO Mantyluoto Works fabrication facility in Finland. Delivery of the spar hull is scheduled for the third quarter of 2003. Financial terms are undisclosed.

The hull for Gunnison will be549 feet tall, with a diameter of 98 feet, will have a displacement of 38,000 metric tons, and a steel weight of approximately 14,000 tons.

Kerr-McGee operates Gunnison with a 50% working interest. Partners in Gunnison are Nexen Petroleum USA Inc. with 30%, and Cal Dive International, Inc. with the remaining 20%.