10 May 2007- Aker Kvaerner signed a letter of intent with Aker Floating Production in January 2007 and has now signed the final contract to deliver a complete subsea production system to Reliance Industries in India. The value of Aker Kvaerner's contract is in excess of US$ 300 Million.
15 May 07
The subsea production system will be installed at 1100-1400 meters water depth and includes trees, manifolds, controls, umbilicals, flowlines and risers.
"It is the unique combination of capabilities within the Aker Group that has secured the very important contract. We are very excited about the future market potential that the Indian continental shelf represents for Aker Kvaerner and the rest of the Aker Group", says Martinus Brandal, CEO & President of Aker Kvaerner.
The contract will be booked as order intake in the second quarter of 2007.
ENDS
For further information, please contact:
Media:
Raymond Carlsen, EVP Subsea, Aker Kvaerner. Tel: +47 67 82 62 00, Mob: +47 45411280
Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 928 85 542
Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39
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 per cent holding in Aker Kvaerner, Aker ASA 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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