Aker Kvaerner CEO marks milestone in extending life of four North Sea oil fields

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4 October 2004

Chief Executive Officer of the worldwide Aker Kvaerner group, Inge Hansen, has visited the five Aberdeen-based Aker Kvaerner companies to mark the launch of an ambitious plan to extend the operational life of four North Sea oil fields. This could extend the production phase by approximately three years.

The UK Health and Safety Executive (HSE) has accepted the 'Safety Case' submitted by Aker Kvaerner Operations, allowing the company as Duty Holder to continue to safely operate the AH001 installation 110 miles northeast of Aberdeen.

Aker Kvaerner Operations took over as Duty Holder of the Amerada Hess / Talisman owned platform in April of this year, extending the scope of its previous integrated support role, and assuming management responsibility for the installation's day-to-day operations.

The HSE's acceptance of the AH001 Safety Case allows Aker Kvaerner to launch its 'Field Life Extension Plan' - an ambitious scheme to significantly extend the operational life of the Ivanhoe, Rob Roy, Renee and Rubie fields in the North Sea whilst still seeking year on year improvements in health, safety and environmental performance.

AH001 is located in UKCS Block 15/21 on the Amerada Hess operated Ivanhoe/Rob Roy field development, and the installation also processes and exports oil from the Renee and Rubie fields, which are operated by Talisman. The Ivanhoe and Rob Roy fields were originally estimated to contain recoverable reserves of 88 million barrels and have a viable life expectancy of 10 years but, in fact, they have already produced more than 180 million barrels over a 15-year period.

Hess and Talisman, with the input from Aker Kvaerner Operations, are seeking to extend the production phase of all four fields, well beyond the previously anticipated shutdown date at the end of 2005. As previously announced, for Aker Kvaerner Operations, the total value of the work will exceed GBP 60 million.

During his visit, Inge Hansen flew to the AH001 installation to commend the workforce: "What is being done here is unique. Aker Kvaerner Operations has developed an efficient business model that has proved to significantly cut overall operating costs for platforms, and that paves the way for many new opportunities in a maturing industry. Aker Kvaerner Operations will be instrumental in changing the way the oil business operates."

"It confirms the wisdom of making Aberdeen our UK headquarters for all the Aker Kvaerner businesses working within offshore oil and gas projects. We have made a significant investment here, because the North Sea is one of our target markets, and will continue to feature prominently in our long term plans."

Onshore, Mr Hansen - who was formerly acting CEO of Statoil, Norway's largest oil company - took time to meet some of the 1500 people employed in Aberdeen by the other Aker Kvaerner businesses, including Aker Kvaerner Offshore Partner, KOP Kvaerner Oilfield Products, KPS Paladon and Maritime Hydraulics UK.

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