First delivery from Kvaerner

22 June 2011 - The Gudrun Jacket will be written into history as the first delivery from Kvaerner, when it is handed over to Statoil on 1 July 2011.

"This jacket will be number 35 in the series of jackets delivered from the yard in Verdal. Gudrun was awarded as the first project after the financial crisis, and has been a very important project for us. We are proud to deliver a fast track project with no lost-time injuries or serious accidents", says Nina Udnes Tronstad, Executive Vice President Kvaerner, with responsibility for Jackets.

The EPC contract has included engineering, procurement and fabrication. High quality in-house engineering, a number of subcontractors and 250 people in the construction phase have all contributed to Kværner at Verdal now delivering the Gudrun jacket on time with the right quality. 

Following the tradition of all major deliveries from the Verdal yard, the Gudrun Jacket will be christened in holy water from the "Olskjelda" spring in Verdal. The ceremony will take place on Wednesday 22 June 2011.

"This shows that we are on track, it's important that we deliver the projects on schedule and on cost. Good cooperation with our suppliers is essential to achieving our goals. The naming ceremony Wednesday is an important milestone on the road towards first oil", says Anders Opedal, Senior Vice President Projects, Statoil.

"Based on long experience and special attention on EPC project execution we can provide seamless integrated solutions to our customers. This combined with longterm relationships in the supply market enables us to offer flexibility when it is necessary for the customer to complete a project in such a short time", says Udnes Tronstad.

The specialised engineering, procurement and construction (EPC) company, Kvaerner, is being de-merged from Aker Solutions in July 2011 and will be traded as a separate company on the Oslo Stock Exchange (Oslo Børs) on or about 8 July. Kvaerner is a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants.

The Jackets business of Kvaerner provides large steel substructures (jackets) to the oil and gas industry and offshore wind steel substructures for larger topsides and complex projects. Within its Jacket business area, Kvaerner has over a 40 year period delivered more than 34 jacket steel substructures for offshore platforms such as the Brage, Kvitebjørn, Grane and Buzzard field developments. In addition, Kvaerner has on-going EPC projects for large jackets to ConocoPhillips for the Ekofisk 2/4L platforms, the Nordsee Ost windmill project located offshore Germany, as well as two large steel jackets for the Clair Ridge partners for the Clair Ridge field development project located west of Shetland. 

ENDS

For further information, please contact:

Media:
Tove Strand Trana, Communication manager, Kvaerner, Tel. Mob: +47 464 01 103

Investor relations:

Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364

With more than 3 500 HSE-focused and experienced employees, Kvaerner is a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants. Kvaerner, through its subsidiaries and affiliates ("Kvaerner"), is an international contractor that plans and

realises some of the world's most demanding projects as a preferred partner for upstream and downstream oil and gas operators, industrial companies and other engineering and fabrication contractors.

In 2010, the Kvaerner group had aggregated annual revenues of more than NOK 13.3 billion and the company had an order backlog per 1 April 2011 of more than NOK 15.6 billion. Kvaerner aims to be publicly listed at the Oslo Stock Exchange in July 2011. Until this process is completed, Kvaerner is owned 100 percent by Aker Solutions ASA. For further information, please see www.kvaerner.com and www.akersolutions.com.