Aker Kvaerner to deliver process modules for SMART 1 FPSO

Aker Kvaerner will deliver equipment and modifications to Aker Floating Production's SMART 1 Floating Production Storage Offloading (FPSO) vessel.

Offshore staff

LYSAKER, Norway -- Aker Kvaerner will deliver equipment and modifications to Aker Floating Production's SMART 1 Floating Production Storage Offloading (FPSO) vessel. This new contract is an amendment to a contract awarded in November 2006 for both SMART 1 and 2 vessels.

The total contract value for Aker Kvaerner related toSMART 1 is now approximately NOK 610 million ($102 million), representing an increase of NOK 430 million ($72 million) since November 2006.

The scope of work for Aker Kvaerner Process Systems includes delivery of two separation modules, one utility module and two skids for the flare system.

The modules will be fabricated in Dubai and installed on the FPSO in Singapore and ultimately to the MD-6 field offshore India. The delivery from Aker Kvaerner is expected in third quarter of 2007. Engineering, procurement and fabrication follow-up is carried out by Aker Kvaerner's Process Systems office in Oslo.

6/20/2007

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