Latest News from Aker Kvaerner

• Major umbilical contract to Aker Kvaerner 6 July 2007 - Aker Kvaerner has signed a contract with Subsea 7 Norway for the manufacturing and supply of steel tube umbilicals for Norsk Hydro's Vega and Troll O2 developments in the North Sea. The contract, worth NOK 434 million, is one of Aker Kvaerner's largest stand-alone umbilical contracts to date. Aker Kvaerner Subsea will deliver approximately 60 kilometres of static and dynamic umbilicals to Subsea 7 for their developments at Norsk Hydro's Vega and Troll 02 fields. Umbilicals for the Troll O2 project represents NOK 33 million of the total contract value. "This order further confirms our position as the leading supplier of steel tube umbilicals worldwide," says Raymond Carlsen, executive vice president, Aker Kvaerner Subsea. "It shows yet again that we are capable of serving customers that require large volumes. We are of course delighted and proud to secure a contract of this size". Work on the umbilicals will commence immediately. They will be manufactured at Aker Kvaerner Subsea's facility in Moss, Norway. Delivery is scheduled for April 2009. • Aker Kvaerner completes offshore Sulphate Removal Units commissioning in Brazil 9 July 2007 - Aker Kvaerner has completed its two first offshore Sulphate Removal Units (SRU) commissioning in Brazil. This is an important milestone and this proves our ability to be a preferred player in commissioning projects offshore. The work has been executed by the Aker Kvaerner subsidiary Aker Kvaerner Process Systems , who is a major supplier of water injection and SRU including services, successfully completed the SRU commissioning on Petrobras FPSO P50 with a capacity of 220,000 BPD of low sulphate water at the end of April 2007. This unit is the first delivered by Aker Kvaerner Process Systems to the Brazilian market. In parallel, Aker Kvaerner Process Systems completed the commissioning of the second SRU supplied to the FPSO MV14 (FPSO Cidade do Rio de Janeiro) operated by MODEC, with a capacity of 120,000 BPD of low sulphate water. Performance guarantee testing was approved by the client. Not only was the FPSO MV14 a fast track execution project during fabrication, it was also very time critical regarding system commissioning and getting the SRU plant operational to support the injection wells when hooked up. This shows the high level commitment and abilities of Aker Kvaerner Process Systems to deliver functional process modules. The success of the commissioning work is very much due to the close cooperation between the Aker Kvaerner Process Systems offices in Norway and Brazil and utilizations of each locations inherent technical and cultural skills. The operational SRU's are part of the IOR (Increased Oil Recovery) activities supporting Petrobras to maintain and increase the oil production in the Campos Basin. In addition to the facilities in operation, Aker Kvaerner Process Systems is currently supplying similar equipment for another two Brazilian projects; The P-54 project, expected to be commissioned shortly, and the FPSO Cidade do Niteroi to be commissioned end 2008. • Invitation to presentation of 2nd quarter results 2007 10 July 2007 - Aker Kvaerner will publish its 2nd quarter results 2007 at the Oslo Stock Exchange on Thursday 2 August at about 8.45 a.m. Central European Time. The results presentation will be held at the company's premises at Lysaker at 9.30 a.m. the same morning. We invite investors, analysts and the media to Aker Kvaerner's results presentation: Date: Thursday 2 August Time: 9.30 a.m. CET Location: The Auditorium at Aker Kvaerner's headquarters, Prof. Kohtsvei 15, Lysaker Language: English The presentation will be broadcasted live on www.akerkvaerner.com and www.oslobors.no/webcast at 9.30 a.m. CET. It will be possible to ask questions via e-mail during the presentation. In addition, participants can listen in via telephone: Country Number Norway Free Call 800 193 95 UK Free Call 0800 694 2370 USA Free Call 1866 966 9444 International Dial In +44 (0) 1452 552 510 ID 6276444 The complete 2nd quarter results 2007 report and presentation will be available at www.akerkvaerner.com and www.newsweb.no • About AKER KVÆRNER AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation. The Aker Kvaerner group is organised in a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities. The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 50 billion and employs approximately 23 000 people in about 30 countries. Aker Kvaerner is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. As an industrial owner with a 40.1 per cent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.