Aker Kvaerner Wins Blind Faith Contract

Friday, December 23, 2005
Chevron with partner Kerr-McGee has awarded Aker Kvaerner a contract for marine operations for installation of the Blind Faith platform in the Gulf of Mexico. The contract value is estimated to approximately $35 million.

The new contract will be executed by the Aker Kvaerner company Aker Marine Contractors, and includes installation of a mooring system, topside transport, transportation and installation of the Blind Faith semisubmersible platform as well as hook up of the risers of the Aker Kvaerner company.

President of Aker Marine Contractors, Torgeir Ramstad comments, "This contract award confirms the competitiveness of Aker Marine Contractors in the deepwater installation market. Aker Kvaerner has already been awarded the contract for delivery of the hull and mooring system. With the new, additional contract for this project, we will deliver a seamless solution for this important asset in close cooperation with the customer."

In October, Aker Kvaerner secured a contract for provision of the hull and mooring system for Blind Faith, in which Aker Marine Contractors plays a key role. In the new contract, Aker Marine Contractors will perform all engineering and construction activities related to transportation and installation of the Blind Faith platform. The platform will be located in the Missisippi Canyon block 650, situated approximately 162 miles southeast of New Orleans. The water depth at the field is 2 000 meters.

Aker Marine Contractors announced in August a five year charter agreement with Taubåtkompaniet for the specialised offshore construction vessel "BOA Sub C" (formerly announced as "BOA Deep C II"). This vessel will be used for the offshore installation activities for Blind Faith. "BOA Sub C" is expected to enter the market towards the end of 2006, and is a larger version of the sister vessel "BOA Deep C" which is currently operating in the Gulf of Mexico.

The project will commence immediately and offshore transportation and installation will be performed from September 2007.

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