Grenland Group Inks Partnership Agreement with FMC Kongsberg Subsea

Grenland Group ASA and FMC Kongsberg Subsea AS have signed a Memorandum of Understanding for entering into a partner agreement. The agreement is consistent with both parties' objectives to provide mutually competitive, world class fabricated products to the subsea market. This partnership will improve common business methodologies, core expertise and market potential.

The agreement shall provide an exclusive partnership for the Norwegian Continental Shelf, as well as an enhanced leverage in the global markets.

The partner agreement for delivery of subsea production systems will be valid for a five year period. The agreement is expected to be signed - and made effective - in the second half of September 2007.

Grenland Group has cooperated closely with FMC Technologies since the early 90's, and the last two years of cooperation has given Grenland Group an annual turnover of approximately NOK 350 millions. With this partner agreement, and with a globally increasing subsea market, the annual turnover is expected to increase further.