Aker Kvaerner to Supply Subsea System to Reliance

Aker Kvaerner signed a letter of intent with Aker Floating Production in January 2007 and has now signed the final contract to deliver a complete subsea production system to Reliance Industries in India. The value of Aker Kvaerner's contract is in excess of US $300 Million.

The subsea production system will be installed at 1100-1400 meters water depth and includes trees, manifolds, controls, umbilicals, flowlines and risers.

"It is the unique combination of capabilities within the Aker Group that has secured the very important contract. We are very excited about the future market potential that the Indian continental shelf represents for Aker Kvaerner and the rest of the Aker Group", says Martinus Brandal, CEO & President of Aker Kvaerner.

The contract will be booked as order intake in the second quarter of 2007.