Aker Solutions awarded two contracts on Kashagan field hook-up

Monday, 18. May 2009 09:02
18 May 2009- Aker Solutions in partnership with Saipem has been
awarded two significant contracts from Agip KCO for the hook-up work
of the Phase I development of the Kashagan field in the Caspian Sea.
The total contract value for Aker Solutions' portion of the two
contracts is US$ 1,6 billion.

One of the contracts includes the offshore hook-up, commissioning
assistance, onshore pre-fabrication, all logistic support and inshore
hook-up work. The other contract includes engineering and job carding
for prefabrication and installation and vessels preparation. The
contracts will be split in separate work packages, as has been the
case for the early work on this field development. Aker Solutions'
work will be completed by the end of 2011 with further ongoing
commissioning assistance in 2012.

"I am very pleased to announce that we have signed the hook-up
contracts for the Kashagan field. It is a significant milestone for
Aker Solutions' international operations and demonstrates our strong
foothold in the Caspian region. We have played a significant role in
developing this field since 2004 and these hook-up contract awards
demonstrate that we have succeeded in actively positioning ourselves
for this target project in one of the world's richest regions of
natural resources," says Simen Lieungh, president and CEO of Aker
Solutions.

The awarded hook-up contracts are the follow-ups of the letter of
intent and preliminary agreements signed between Agip KCO, Aker
Solutions and Saipem in March 2007 for the early work activities for
the hook-up.

Contract party from Aker Solutions is Aker Solutions Contracting AS
for the field hook-up contract, and Aker Engineering and Technology
AS for the engineering and job carding contract.

The Kashagan field, 80 km south-east of Atyrau is the first
large-scale offshore petroleum development in Kazakhstan. The
Kashagan field extends over an area of approximately 75 km x 45 km
and is named after a 19th century Kazakh poet from Mangistau. The
Kashagan field is considered one of the most important oil field
discoveries in the past 40 years.

About NCOC
The North Caspian Operating Company (NCOC BV) acts on behalf of seven
co-venture consortium partners as the operator appraising and
developing the hydrocarbon assets of eleven offshore blocks defined
under the North Caspian Sea Production Sharing Agreement (PSA) of
1997.

Assets within the 5 600 square kilometre PSA area include the
Kashagan field, 80 km south-east of Atyrau, the first large-scale
offshore petroleum development in Kazakhstan which should reach a
plateau of 1.5 million barrels per day. Other assets include the
Kalamkas, Aktote and Kairan fields.

NCOC is incorporated in the Netherlands with offices in Astana and
Atyrau. All consortium members hold equity in accordance with their
respective participating interests in the venture.

Approximate equity interests of the consortium partners are: KMG
16.81%, Eni 16.81%,, ExxonMobil 16.81%,, Shell 16.81%, Total 16.81%,
ConocoPhillips 8.40%, INPEX 7.56%.

About Agip KCO
Agip KCO NV, a subsidiary of Eni SpA, performs operations under the
North Caspian Sea Production Sharing Agreement dated as of 1997 under
an agency agreement with North Caspian Operating Company B.V.

Agip KCO N.V. is responsible for the execution of Phase I
(Experimental Program) of Kashagan offshore oil field development
including achieving first commercial production, complying with the
strictest international standards for safety and environmental
responsibility.

In addition, Agip KCO NV is responsible for the project execution for
the onshore facilities of Phase II of the Kashagan development.

About Aker Solutions role in the Kashagan field development
Aker Solutions has played a significant role in the Kashagan field
development; both in the Experimental Program headed by Agip KCO and
in the full field development phase headed by North Caspian Operating
Company (NCOC).
In the Experimental Program Aker Solutions has constructed and fitted
several modules and carried out hook-up work. In joint venture with
WorleyParsons and CB&I, Aker Solutions has a front end engineering
and design (FEED) contract for the Phase II full field development of
the Kashagan field.

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
Mariken Holter, VP Communications, Aker Solutions. Mob: +47 91 78 73
58
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/careers

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 23 000 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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Author:
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