Marathon awards European subsea frame agreement to Aker Kvaerner

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10 June 2004

Marathon Petroleum Company (Norway) has awarded a frame agreement to Aker Kvaerner covering the North Sea and Europe. The agreement names the Aker Kvaerner subsidiary, KOP, as the supplier of subsea wellheads, side valve trees, overtrawlable protection structures, production control systems and service support for subsea developments by Marathon in the region.

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.

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