Aker Kvaerner Signs Subsea Frame Agreement with Woodside Petroleum

22 November 2007 - Aker Kvaerner has signed a frame agreement with Woodside Petroleum Ltd to become the Australian oil and gas giant's preferred supplier of steel tube umbilicals. The contract could be worth between NOK 150 - 200 million annually.

The frame agreement is awarded for a three year period with optional periods of one + one year and has the potential to support Woodside Petroleum Ltd with its proposed LNG developments.

The agreement will make Aker Kvaerner's subsea division the main supplier of steel tube umbilicals to Woodside's field developments off the western coast of Australia.

"It is of major strategic importance that we now get a proper foothold in the Australian market," says Raymond Carlsen, executive vice president Aker Kvaerner Subsea. "The predictability a frame agreement offers is beneficial to both Woodside and us. We are very pleased that Woodside considered our technical solution to be the best and most cost effective one."

As part of the contract, Aker Kvaerner will be responsible for the design, manufacturing, testing, certification, delivery and installation support of the umbilical systems.

Woodside is Australia's largest publicly traded oil and gas exploration and production company with a market value of AUD 34 billion (USD 30 billion).

AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation. The Aker Kvaerner group is organised in a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.

The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 50 billion and employs approximately 24 000 people in about 30 countries.

Aker Kvaerner is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. As an industrial owner with a 40.27 percent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.

Aker Kvaerner Subsea is a leading provider of a complete range of surface and subsea solutions for the oil and gas industry - from concept screening and design through manufacturing, fabrication and commissioning. Aker Kvaerner Subsea's ability as a world-wide total system provider is backed by a wide portfolio of products which are maintained for the complete life of field. Aker Kvaerner Subsea's capability is available for both new and existing fields either as individual activities or complete packages.

For further information, please contact:
Torbjørn S. Andersen, Senior vice president, Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 928 85 542

Endre Johansen, communications manager, Aker Kvaerner Subsea. Tel: +47 22 94 58 91, Mob: +47 416 10 605. E-mail: endre.johansen@akerkvaerner.com

For further information about sourcing and potential subcontracts for this project, please contact:Harald Grieg Riisnaes, vice president, Global Supply Chain, Aker Kvaerner Subsea. Tel: +47 67 82 68 18

Career opportunities:
Visit http://akerkvaerner.com/Internet/CareerCentre

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