Letter of Intent - AGIP KCO Provision of Front End Engineering and Design Services (FEED) - Phase II for the Kashagan Full Field Development - Kazakhstan

Tuesday, 21. October 2008 08:55
21 October 2008 - Aker Solutions in Joint Venture with WorleyParsons
and CB&I has received a Letter of Intent for the Kashagan Full Field
Development FEED Contract.

Shareholders in the Joint Venture company (K-WAC Limited) are:
WorleyParsons Europe Ltd (45%), CB&I UK Ltd (25%), Aker Engineering &
Technology AS (30%).

Agip KCO is Operator of the consortium comprising ENI (18.52%), Shell
(18.52%), ExxonMobil (18.52%), Total (18.52%), ConocoPhillips
(9.26%), KazMunayGas (8.33%) and Inpex (8.33%).

The Phase II Project FEED Scope of Work includes Onshore and Offshore
Facilities and Pipelines. There are also Options for Services
post-Phase II FEED, which include Early Works, Detail Engineering and
Procurement Services, Technical Assistance, and Design/System
Integrity. Additionally there are Optional FEEDs for additional
fields (Aktote, Kairan, and Kalamkas).

- We are very pleased about this important milestone for the
development of the Kashagan field. It also confirms that we are very
well positioned for an active role in this field development. The
Kashagan field is at the core of our strategy for our international
field development business. This LOI demonstrates our competitive
strengths within offshore technology in environmentally sensitive
areas and harsh climate conditions, as well as our international
contracting with a high level of local content. We look forward to
working with our partners on this very important field development,
says Simen Lieungh, CEO of Aker Solutions.

The Letter of Intent is valid until 31st December 2008 and has a
maximum value of USD 31 Million.

WorleyParsons and Aker Solutions are currently engaged in the
execution of Phase I of the Kashagan Project (the experimental
programme) by performing engineering services, fabrication and
hook-up.


ENDS

For further information, please contact:
Media:
Jannik Lindbæk, SVP Corporate Communications, Aker Solutions. Tel:
+47 67 51 30 36, Mob: +47 977 55 622

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67
51 30 39, Mob: +47 911 37 194

Suppliers:
For further information about sourcing and potential subcontracts for
this project, please contact BA Global Sourcing Champion, telephone
number found
here: http://www.akersolutions.com/Internet/SuppliersCentre/Contacts/SupplyManagementContacts.htm.

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

Aker Solutions ASA, through its subsidiaries and affiliates
("Aker Solutions"), is a leading global provider of engineering and
construction services, technology products and integrated
solutions. Aker Solutions' business serves several industries,
including oil & gas, refining & chemicals, mining & metals
and power generation. The Aker Solutions group is organised in a
number of separate legal entities. Aker Solutions is used as the
common brand/trademark for most of these entities.

Aker Solutions' parent company is Aker Solutions ASA.
Aker Solutions has aggregated annual revenues of approximately NOK
58 billion and employs approximately 26 000 people in about 30
countries.

Aker Solutions is part of Aker (www.akerasa.com), a group of premier
companies with a focus on energy, maritime and marine resource
industries. The Aker companies share a common set of values
and a long tradition of industrial innovation. As an industrial owner
controlling 40.27 percent of the shares in Aker Solutions through
Aker Holding AS, Aker ASA takes an active role in the development
of Aker Solutions.

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


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Related Links: Aker Solutions ASA
Author:
Hugin
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