Subsea Tie-in and Connection Contract

Aker Kvaerner Subsea has been awarded a contract for supply of tie-in and connection system for Hydro's Fram Øst and Vilje Field Development in the North Sea through Technip Norge AS. The total contract value for the two projects are approximately $3.5 million. The Fram Øst field is located in Block 35/11 and will be tied back to the Troll C platform. The Fram Øst scope of supply is engineering, hardware supply of flowline termination heads, clamp connectors, hubs, porch structures and various caps. In addition to the hardware equipment, rental of tools and hire in offshore service personnel from our service group will be provided. Delivery of the hardware equipment is February 2006 with offshore service and support July 2006. The Vilje field, PL036, is located in the North Sea and will be tied back to the Alvheim production facility 19 km away. Aker Kverner Susbea will supply engineering and tie-in equipment for the two wells development. The delivery of the hardware is February 2006 with installation and service support July 2006.