Aker Kvaerner Subsea Secures GBP 4.5m in North Sea Contracts

Aker Kvaerner Subsea, formerly known as KOP Ltd, has secured two significant North Sea contracts with a combined value of GBP 4.5m.

In the first of the deals, Aker Kvaerner Subsea will provide equipment that will comprise a Full Subsea Production Control System on the 'Goosander' development project.The package will be exclusively engineered, manufactured and tested in Aberdeen, with projected delivery in the first quarter of 2006.

The Goosander development forms part of the Greater Kittiwake Area (GKA), which is located in the central North Sea, approximately 160km East North East of Aberdeen, and is operated by Venture Production plc. GKA includes the Kittiwake, Mallard and Gadwall producing fields, as well as the Goosander and Grouse discoveries and a number of low risk prospects.

Aker Kvaerner Subsea has also recently supplied various subsea control equipment on the Mallard and Gadwall fields.

In the second new deal, Aker Kvaerner Subsea will manufacture a production control system for an unnamed customer in the North Sea. The project is anticipated to take eight months.

Aker Kvaerner Subsea's Senior Vice President, Paal Helsing says 2005 is proving to be another excellent year for the company: "These latest deals put us significantly ahead of our target for the third quarter of 2005, and we are working to bring in further contracts before the end of the year.

"Our recent re-branding, to include the name 'Aker Kvaerner', emphasizes that we are a global business with global capabilities, and we are currently in talks with prospective customers around the world".