Statoil Expands Aker Kvaerner Contract to Include Visund

Statoil has asked Aker Kvaerner to include the Visund platform in the existing framework contract for maintenance and modification work on in the Tampen area in the North Sea. This option comes into force on May 1 this year, while the work in the field will start on January 1, 2006. The additional work on the Visund platform runs for two years, and the value is estimated to NOK 30 million annually.

Aker Kvaerner Offshore Partner in Stavanger signed the major maintenance and modification contract for the Tampen area with Statoil on March 21, 2002. The contract included primarily the Statfjord and Gullfaks fields. On August 1, 2003 the contract was extended to include the two Snorre platforms.

With the new option for Visund, Aker Kvaerner Offshore Partner is responsible for maintenance and modification of all the nine manned platforms in the Tampen area; six fixed and three floaters.

Aker Kvaerner Offshore Partner has an annual turnover of around NOK 800 million on Tampen. Maintenance and modification work on the Tampen platforms involve between 1,000 and 1,100 persons yearly. Aker Kvaerner Offshore Partner's total engagement on Tampen comprises engineering, fabrication and installation.

Aker Kvaerner Elektro, the specialist in electro, instrument and telecommunications is a partner in the total framework contract for the Tampen area and will also be involved in this new Visund work.