Kvaerner secures US$29 million subsea contracts in Australia and the U.S.

For Woodside, Kvaerner will provide a Subsea Production System valued in excess of US$11 million. The contract relates to phase 2 of Woodsides Laminaria development where Kvaerner was also the supplier of the first phase equipment. The scope of work includes xmas trees, controls, chokes and connection systems as well as support services in Australia. Kvaerner will manage the project from its Belmont facility in Western Australia with input from plants in Houston, Aberdeen and Oslo.
For Santa Fe, Kvaerner will manufacture and supply two complete Clip Riser systems for the Santa Fe new-build semi-submersibles, worth almost US$18 million. The riser systems are equipped for dual-density drilling, with a booster line that can handle a working pressure of 5,000 psi. The first riser will be delivered in May 2002, and the second is scheduled for a November 2002 delivery. There is an option for Santa Fe to order a third riser system in the first quarter of 2002. The Kvaerner Clip Riser system is distinguished by its simple, breech-lock type connectors and does not require any threading, bolting or pre-loading. The system is designed to reduce the operating costs associated with tripping time and bad weather delays.

For further information:
Paul Emberley, Vice President, Group Communications, Kvaerner PLC: +44 (0)20 7339 1035 or +44 (0)7768 813090 or Roger Trett, Kvaerner Oilfield Products Group Ltd: +44 207 559 6004

Note to editors:
Kvaerner is a world-class Anglo-Norwegian engineering and construction Group. It meets the needs of its customers by adding value to their business through the provision of innovative, cost-effective solutions for challenges in the hydrocarbons, process and metals industries. The Groups activities are currently organised in two core business areas: E&C (Engineering and Construction), and Oil & Gas. Kvaerner is a Norwegian registered business, but has a London, UK-based international headquarters. The Group has annual revenues in excess of US$6 billion, with some 35,000 permanent staff located in almost 35 countries throughout Europe, Asia and the Americas.
Kvaerner Oilfield Products is a fully integrated company that provides a complete range of surface and subsea services for the oil and gas industry, from front-end studies and engineering through fabrication to installation, maintenance and operational support. These services can be provided for new and existing fields either as individual projects or complete packages, including life-of-field services.