FPSO'S

[10 bagger]

Aker Kværner ASA AKER KVAERNER AWARDED FLOATER INSTALLATION CONTRACT WITH BP NORWAY avtaler

19 December 2007 - BP Norway has awarded Aker
Kvaerner a contract for tow and installation of a
floating production storage and offloading unit
(FPSO). The FPSO will be installed at the Skarv
field in the North Sea. The total contract value
is approximately NOK 300 million.
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The scope of work includes pre-installation of the
15 leg mooring system, tow from South Korea to
Norway and transportation and installation of the
FPSO. The work will be executed by the Aker
Kvaerner subsidiary, Aker Marine Contractors.

`Our company has extensive experience in
installing floating production units. More than
ten projects have been executed in a period of 12
years in different parts of the world. This award
confirms our position in this exciting FPSO
market,` says Torgeir Ramstad, President for Aker
Marine Contractors.

The new-built offshore construction vessel BOA SUB
C, on long term charter for Aker Marine
Contractors, will be used for the mooring pre-
installation. The vessel is equipped with diesel-
electric propulsion, dynamic positioning class, 3
400 tonnes active heave compensated crane and 600
tonnes anchor handling winch. The vessel is
tailored to perform mooring and subsea
installation work up to 3000 meters in depth. The
BOA SUB C vessel is currently engaged in several
projects in the Gulf of Mexico. Other vessels for
this operation will be sourced from Maersk Supply
Service.

Pre-installation of the 15 leg mooring system will
be executed in 2010, while transportation and
installation of the complete FPSO will be executed
in 2011. The planning and engineering will
commence in January 2008.

ENDS

For further information, please contact:

Media:
Siw Anett Enerud, Communications manager, Aker
Kvaerner Products & Technologies. Tel.: +47 22 94
71 92, Mob: [phone]

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker
Kvaerner. Tel: [phone]

Suppliers:
For further information about sourcing and
potential subcontracts for this project, please
contact Richard Reynolds, vice president global
supply chain. Tel.: [phone]

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 24 000 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 40.27 percent holding in
Aker Kvaerner, Aker ASA takes an active role in
the development of its holdings.

Aker Marine Contractors provide marine operational
and contracting services to the oil and gas
industry world-wide. These services include
concept development, detail engineering,
procurement, fabrication, and the performance of
marine operations such as sub-sea construction and
installation activities. Aker Marine Contractors
shoulder the responsibility for substantial
values, especially when towing and installing
floating facilities, gravity base structures, and
platform decks. Aker Marine Contractors together
with partners possess the competence and the
specialised equipment needed to successfully plan,
engineer, and install subsea structures, risers,
umbilicals, flowlines and mooring systems in ultra-
deep waters.

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