Aker Kvaerner Lands $223M in Subsea Work from Petrobras

Aker Kvaerner has signed a three-year frame agreement with Petrobras to supply subsea trees and related equipment in Brazil. The agreement is worth approximately US $223 million.

Scope of work comprises 45 subsea trees, six complete tool sets plus related accessories and spare parts. Work for all equipment will be managed and completed from Aker Kvaerner's manufacturing facility in Curitiba, Brazil. All delivery dates are agreed and will start Q3 2009, with final deliveries targeted for the end of 2011.

"This order demonstrates our commitment to both Petrobras and the Brazilian market, and it provides predictable deliveries and long term focus. It also allows us greater flexibility with regards to making more investments in order to capitalise further on the expected market growth in Brazil," says Marcelo Taulois, president for Aker Kvaerner's subsea business area in Brazil.

Aker Kvaerner has extensive experience delivering subsea equipment in Brazil. 150+ subsea trees, multiple subsea structures such as PLETs, PLEMs and manifolds, plus 200+ vertical connection systems have been manufactured to the Brazilian market since the start of operations in 1995.

The contract is booked as order intake for Aker Kvaerner in Q1 2008. The contract party is Aker Kvaerner's subsidiary Aker Kvaerner Oil & Gas do Brasil Ltda.