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Kvarerner Gets Norsk Hydro Contract

Maritime Activity Reports, Inc.

March 5, 2002

Norsk Hydro has awarded Kvaerner a contract worth $39 million to upgrade gas compression capacity on the Oseberg C platform in the Norwegian North Sea. This assignment covers engineering, procurement and construction of a 650-tonne compressor module with associated hook-up work. It also embraces compressor testing on land and assistance to Hydro during offshore hook-up and commissioning. Engineering work is due to begin immediately at Kvaerner's Lysaker premises outside Oslo. Fabrication will commence this August at the Rosenberg Verft yard in Stavanger. Plans call for the module to be transported to the field in May 2003, with offshore completion scheduled for July of the same year. The project will employ roughly 60 people at the design stage, and about 200 during the construction phase in Stavanger.

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