FPSO Installation deal to Aker Solutions

(Press Release) January 3, 2011

MODEC Offshore Production Systems (Singapore) Pte Ltd. awarded Aker Solutions' wholly-owned subsidiary Aker Marine Contractors a mooring installation contract for hook-up of the Bourgogne FPSO offshore Angola. Contract value is approximately $30m.

MODEC will supply the PSVM FPSO to BP for the oil company's PSVM (Plutão, Saturno, Vênus and Marte) development in Block 31 offshore Angola. The FPSO will be installed in approximately 2 000 meters water depth and have production capacity of 157,000 barrels per day.

"This contract represents another significant step forward in our relationship with MODEC," says Erik Wiik, President - Subsea North America, Aker Solutions. "After having successfully installed the Jubilee FPSO offshore Ghana for MODEC in July 2010, we are honoured that MODEC is once again entrusting us with this critical scope of work. Aker Solutions is well established in Angola with engineering and service capabilities".

Aker Marine Contractors (AMC) is a global market leader when it comes to installation of floating platforms.

Project management and operations planning will be performed from Aker Solutions' offices in Houston, Texas. The contract party is Aker Marine Contractors US Inc.

On 22 October 2010, Aker Solutions announced that it had agreed to transfer the ownership in Aker Marine Contractors to Singapore listed Ezra Holdings Ltd (Ezra). As part of the agreement, Aker Solutions becomes a substantial shareholder in Ezra. The transaction is expected to be completed during Q1 2011.

By becoming part of Ezra, AMC will have access to a larger and rapidly growing fleet of installation vessels covering all IMR and SURF installation segments - including flexible and rigid pipelay with capacity up to 3,500 metres water depth - which will enable Ezra/AMC to compete with the world's leading SURF contractors.

Ezra operates in the offshore market under the EMAS brand name. EMAS is an integrated offshore support solutions provider for the oil and gas industry. The business was founded in 1992 and is headquartered in Singapore.