Aker Smart 1 on Fast Track for Delivery in 2Q

Installation of the mooring system, including the APL buoy, for Aker Smart 1 was completed 22 February 2008.

Conversion of Aker Smart 1 is due for a fast track conversion time of only 15 months. Project costs are increasing in the order of 10 per cent. Negotiations with Reliance are under way on the subject of revised schedule and related issues.