Aker Kvaerner to Deliver Process Equipment

Aker Kvaerner has signed a contract for delivery of process modules to Aker Floating Production's SMART Floating Production Storage Offloading (FPSO) vessels. The total contract value for Aker Kvaerner is approximately NOK 350 million.

The scope to be performed by the Aker Kvaerner subsidiary, Aker Kvaerner Process Systems, will be engineering, procurement and fabrication services of separation modules, riser balcony modules and flare system. The scope is presently for the first two FPSO conversions, involving "Aker Smart 1" and "Aker Smart 2".

"We are proud to be awarded this contract with Aker Floating Production where we will use our capabilities based on our core process technology. We consider this contract to be of strategic importance for increasing our participation in the prosperous FPSO market", says Per Harald Kongelf, President of Aker Kvaerner Process Systems.

The process equipment for the first FPSO is scheduled to be delivered second quarter 2007, and fourth quarter 2007 for the second FPSO.