Letter of Intent - AGIP KCO Provision of Front End Engineering and Design Services (FEED) - Phase II for the Kashagan Full Field

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21 October 2008

Aker Solutions in Joint Venture with WorleyParsons and CB&I has received a Letter of Intent for the Kashagan Full Field Development FEED Contract.

Shareholders in the Joint Venture company (K-WAC Limited) are: WorleyParsons Europe Ltd (45%), CB&I UK Ltd (25%), Aker Engineering & Technology AS (30%).

Agip KCO is Operator of the consortium comprising ENI (18.52%), Shell (18.52%), ExxonMobil (18.52%), Total (18.52%), ConocoPhillips (9.26%), KazMunayGas (8.33%) and Inpex (8.33%).

The Phase II Project FEED Scope of Work includes Onshore and Offshore Facilities and Pipelines. There are also Options for Services post-Phase II FEED, which include Early Works, Detail Engineering and Procurement Services, Technical Assistance, and Design/System Integrity. Additionally there are Optional FEEDs for additional fields (Aktote, Kairan, and Kalamkas).

- We are very pleased about this important milestone for the development of the Kashagan field. It also confirms that we are very well positioned for an active role in this field development. The Kashagan field is at the core of our strategy for our international field development business. This LOI demonstrates our competitive strengths within offshore technology in environmentally sensitive areas and harsh climate conditions, as well as our international contracting with a high level of local content. We look forward to working with our partners on this very important field development, says Simen Lieungh, CEO of Aker Solutions.

The Letter of Intent is valid until 31st December 2008 and has a maximum value of USD 31 Million.

WorleyParsons and Aker Solutions are currently engaged in the execution of Phase I of the Kashagan Project (the experimental programme) by performing engineering services, fabrication and hook-up.


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