Aker Kvaerner signs first subsea contract with Repsol YPF

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7 February 2008

Aker Kvaerner has been awarded its first subsea contract from Spanish oil company Repsol YPF. The deal is for the delivery of a subsea production system to the Montanzo and Lubina projects off the east coast of Spain. This is Aker Kvaerner's first subsea project in the region. Contract value is undisclosed.

Scope of work includes engineering, procurement and construction of two subsea trees with control systems, connections and overtrawlable structures. The equipment will be delivered in Q1 2009.

"We are pleased to be working with Repsol on this fast-track project. Repsol is a growing company with projects worldwide, so this is a good opportunity to position ourselves as a preferred partner for future opportunities," says Svenn Ivar Fure, senior vice president Trees / Processing & Boosting, Aker Kvaerner Subsea.

The project is based on Aker Kvaerner's Standard Configurable Tree (SCTTM) - a tree system configured from standardised, stocked core components, which offers significant reductions in lead times.

"We introduced a standardised subsea tree system because we have an ambition to grab a larger share of the global stand-alone tree market. It is satisfying to see that the market responds positively to the initiative," added Fure.

The project will be managed out of Oslo, Norway. Subsea trees will be manufactured at Tranby, Norway, and control systems in Aberdeen, UK.

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