Aker Kvaerner Awarded Subsea Booster

Maritime Activity Reports, Inc.

June 15, 2006

Statoil has signed a letter of intent with Aker Kvaerner to deliver a subsea seawater injection system for the Tyrihans project in the Norwegian Sea. The new generation pumps are expected to increase oil production from the Tyrihans field by 10%. The subsea pumps will be the world's largest and installed at longest stepout.

Aker Kvaerner Subsea will supply two subsea injection pumps to be installed more than 40 kilometres from the Kristin platform where the oil and gas will be processed. The pumps will feature Aker Kvaerner's own LiquidBoosterTM technology and will inject raw sea water for pressure support and stabilisation of the oil zone. Aker Kvaerner will manufacture the pump system at its facility in Tranby in Norway for delivery in the third quarter of 2008. Production on Tyrihans, one of the largest planned projects on the Norwegian continental shelf, is due to begin mid-2009. Statoil has a 46.8 percent interest in the Tyrihans field, while its partners are Total with 26.51 percent, Hydro with 12 percent, Eni with 7.9 percent and ExxonMobil with 6.75 percent.

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