Aker Kvaerner Wins Contract for Modification of StatoilHydro Platform

StatoilHydro has awarded Aker Kvaerner a contract for modifications of the Troll C platform. The object of the Troll low pressure production (LPP) is to facilitate increased oil recovery on Troll West called "long term production". The contract is a full EPCI contract covering all engineering disciplines. The contract value is approximately NOK 450 million and project completion is scheduled for January 2010.

"By awarding this contract StatoilHydro shows their confidence in the Aker Kvaerner's ability and competence to execute large modification contracts. We are very proud of being awarded this contract and to deliver a high quality project, says Jens Jacob Smedegaard, Vice President of Aker Kvaerner Offshore Partner in Bergen, Norway.

The contract for the Troll LPP modification project awarded by StatoilHydro to Aker Kvaerner will be managed by Aker Kvaerner's regional office in Bergen, Norway. Design and procurement work will comence immediately. Pre-fabrication of steel and piping will start in October 2008 at Aker Kvaerner Egersund. The contract also includes a 400 tonnes compressor module that shall be installed at Troll C platform during August 2009. The offshore installation work is planned for execution during 2009.

The Troll C platform is one of the assets included in Aker Kvaerner long term maintenance and modification contract with StatoilHydro.

Maintenance and modification services is one of the core competencies of Aker Kvaerner and is a key strategic area for the company in the North Sea and internationally. Aker Kvaerner has broad knowledge and experience within this market segment through long term contracts and execution of modification projects for the operating companies.

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