Aker Kvaerner to Deliver Process Tech

June 20, 2007

Aker Kvaerner has signed a contract for delivery of 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 scope of work which will be undertaken by the Aker Kvaerner subsidiary 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. 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.

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