Maintenance Contract for Norsk Hydro

Tuesday, April 29, 2003
Norsk Hydro will award Aker Kvaerner a frame agreement for maintenance and modification of six of their platforms in the North Sea. The agreement runs for three years and the contract value is approximately NOK 300 million p.a. The agreement may be extended for additional six years. The platforms included in the agreement are Troll B and Troll C, Oseberg Øst, Oseberg C, Brage and Grane. The work is estimated to approximately 500,000 hours per year.The contract will be managed from Aker Offshore Partner's division at Sandsli close to Bergen in Norway under the new offshore agreement with Norsk Hydro, but also other Aker Kvaerner companies will be involved. The agreement will take effect as of July 1. In addition to the frame agreement covering the six above mentioned platforms, Norsk Hydro will also award Aker Kvaerner a tender agreement which gives the Group the possibility to tender for major modification contracts on all of Norsk Hydro's installations on the Norwegian shelf.

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