Umbilical Contract to Aker Kvaerner

Aker Kvaerner signed a contract with Subsea 7 Norway for the manufacturing and supply of steel tube umbilicals for Norsk Hydro's Vega and Troll O2 developments in the North Sea. The contract, worth $74.5 m, is one of Aker Kvaerner's largest stand-alone umbilical contracts to date. Aker Kvaerner Subsea will deliver approximately 60 km of static and dynamic umbilicals to Subsea 7 for its developments at Norsk Hydro's Vega and Troll 02 fields. Work on the umbilicals will commence immediately. They will be manufactured at Aker Kvaerner Subsea's facility in Moss, Norway. Delivery is scheduled for April 2009.