Aker Kvaerner to Deliver Process Tech for SMART 1

Aker Kvaerner has signed a contract for delivery of equipment and modifications to Aker Floating Production's SMART 1 Floating Production Storage Offloading (FPSO) vessel. This new contract is an amendment to a contract awarded in November 2006 for both SMART 1 and 2 vessels.

The total contract value for Aker Kvaerner related to SMART 1 is now approximately NOK 610 million, representing an increase of NOK 430 million since November 2006.

The scope of work, which will be undertaken by the Aker Kvaerner subsidiary Aker Kvaerner Process Systems, includes delivery of two separation modules, one utility module and two skids for the flare system.

"We are proud to have been awarded this important contract. The award confirms our position and ambitions for technology deliveries to the global FPSO market" said Mads Andersen, Executive Vice President in Aker Kvaerner.

"Our first FPSO will be installed on the MD-6 field offshore India. We are pleased to have Aker Kvaerner onboard contributing to our delivery to Reliance Industries Ltd of India" said Svein Olsen, President & CEO of Aker Floating Production.

The modules will be fabricated in Dubai and installed on the FPSO in Singapore. The delivery from Aker Kvaerner is expected in third quarter of 2007. Engineering, procurement and fabrication follow-up is carried out by Aker Kvaerner's Process Systems office in Oslo.

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