Aker Kvaerner/ERSAI lands Kashagan hook-up

Friday, 13. April 2007 08:55



13 April 2007 - An unincorporated Aker Kvaerner/ERSAI consortium have
started early work activities for Agip KCO for the hook-up and
commissioning of the first phase of the Kashagan field development in
the Kazakhstan sector of the Caspian Sea. These activities lasts for
three months are and are worth up to USD 157 million. In addition,
Agip KCO and the Aker Kvaerner/ERSAI consortium have signed a letter
of intent for a potential contract for the hook-up work for the first
phase of the Kashagan field development.

Aker Kvaerner is currently constructing the process facilities for
the first phase, called the Experimental Programme, of the Kashagan
field development project. "I'm extremely pleased to announce this
letter of intent for the hook-up of the production facilities for the
first phase of the Kashagan field development. It confirms our strong
foothold in the region, a region which will continue to develop its
huge natural resources rapidly," says Martinus Brandal, President &
CEO in Aker Kvaerner.

The potential contract includes offshore hook-up and commissioning of
the offshore facilities as well as inshore completion. In addition to
the hook-up and commissioning of the process facilities, the offshore
scope includes temporary living quarters for 1 200 people, offices
for both the contractors and the client, tools and equipment as well
as temporary barges for power generation, work air, tool sheds and
warehouse.

Agip Kazakhstan North Caspian Operating Company (KCO) N.V., a company
fully owned by Eni S.p.A., is the Operator of the appraisal,
development and future production operations in the Kazakhstan sector
of the Caspian Sea, including the giant Kashagan field, on behalf of
seven international companies and under the North Caspian Sea
Production Sharing Agreement (PSA).

Consortium companies: Eni S.p.A. (Agip Caspian Sea B.V. - Operator)
18.52%; JSC NC KazMunayGas (KMG Kashagan B.V.) 8.33%; ExxonMobil
Kazakhstan Inc. 18.52%; Shell Kazakhstan Development B.V. 18.52%;
Total E&P Kazakhstan 18.52%; ConocoPhillips (Phillips Petroleum
Kazakhstan Ltd.) 9.26%; INPEX North Caspian Sea Ltd. 8.33%.

The Kashagan field, 80 km south-east of Atyrau is the first
large-scale offshore petroleum development in Kazakhstan. Kashagan
extends over an area of approximately 75 km x 45 km and is named
after a 19th century Kazakh poet from Aktau. Kashagan is the largest
oilfield discovered in the northern part of the Caspian Sea.

Aker Kvaerner and ERSAI Caspian Contractor LLC have formed an
unincorporated consortium for the hook-up work, both offshore and
inshore, with a revenue distribution of approximately 50/50. The
actual distribution of revenue will vary from phase to phase
depending on each contractor's scope. Contract partners to Agip KCO
are Aker Kvaerner Engineering & Technology and ERSAI Caspian
Contractor LLC.

ENDS

For further information, please contact:

Media:
Stein Inge Liasjø, VP Communications, Aker Kvaerner. Tel: +47 67 51
30 94, Mob: +47 464 02 353

Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. Tel: +47 67
51 30 39

Suppliers:
For further information about sourcing and potential subcontracts for
this project, please contact Kjell Gauer, +47 51 93 70 45

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

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 23 000 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
40.1 percent holding in Aker Kvaerner, Aker takes an active role in
the development of its holdings.

This press release may include forward-looking information or
statements and is subject to our disclaimer, see our web-pages
www.akerkvaerner.com


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Author:
Hugin
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