The first delivery under the new frame agreement will be to Marathon's Alvheim project, subject to Alvheim project approval by the license owners, and application and approval of the Plan of Development and Operation (PDO).
KOP would play a central role in initiating the first oil from this development. The initial order on this project would have a value of NOK 250 million and consist of subsea production equipment for 11 wells. Located off the coast of Norway, the Alvheim project is part of the PL203 development that includes Kameleon, Boa, Kneler and East Kameleon.
Raymond Carlsen, President of KOP, says "This agreement and the award of Alvheim represent a significant win for us - and one which re-affirms the competence and expertise of our people and technology. PL203 and the surrounding area have a great potential for future subsea developments, and as such we are looking forward to working closely with Marathon over the years to ensure that these developments remain commercially attractive."
The Alvheim Project will draw on KOP resources from both Aberdeen and Norway, with a total of 40 people being utilized during the execution phase.
ENDS
For further information, please contact:
Media:
Geir Arne Drangeid, SVP Group Communications, Aker Kværner ASA Tel: +47 913 10 458
Geir Arne Drangeid, SVP Group Communications, Aker Kværner ASA Tel: +47 913 10 458
Investor relations:
Lasse Torkildsen, VP Group Investor Relations, Aker Kværner ASA, Tel: +47 67 51 30 39
Lasse Torkildsen, VP Group Investor Relations, Aker Kværner ASA, Tel: +47 67 51 30 39
AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. Aker Kvaerner has aggregated annual revenues of approximately USD 4.5 billion and employs around 21,000 employees in more than 30 countries. The Aker Kvaerner group consists of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities. The parent company in the group is Aker Kværner ASA.
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