KOP Brazil is awarded 11 deepwater trees by Petrobras

30 June - Rio de Janeiro, Brazil - The Brazilian oil company, Petrobras SA, has awarded Kvaerner Oilfield Products (KOP) in Brazil a contract for the supply of eleven GLL2000 subsea trees, designed for use in 2000 meters waterdepth.

The contract value is estimated to be approximately USD 16 million, with all eleven trees scheduled for delivery in 2005. Destined for the Marlim Sul field - offshore Campos Basin - Rio de Janeriro, the production trees will be tied back to Petrobras' new FPSO, P-51. The contract award is also a testament to the credibility KOP has established in the global delivery of deepwater subsea production systems.

Marcius Ferrari, KOP Brazil Sales and Marketing Manager said, "With this order, KOP Brazil has been recognized for its outstanding performance and close cooperation Petrobras. The supply of deepwater production trees is also further confirmation of our continued success in the Brazilian oil and gas industry.

ENDS

For further information, please contact:

Marcius Ferrari - KOP Brazil Sales and Marketing Manager - +55 21 2122-4410

Marcelo Taulois - KOP Brazil President - +55 41 227-8402

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 span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. Aker Kvaerner has aggregated annual revenues of approximately USD 4.5 billion and employs around 21,000 employees in more than 30 countries. The Aker Kvaerner group consists of 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.

KOP is a worldwide supplier of subsea products and services and integrated systems from front-end studies and engineering through fabrication, installation, maintenance and life-of-field support. KOP is an Aker Kvaerner company.

KOP Brazil is part of Kvaerner Oilfield products and operates under the legal Brazilian entity - Aker Kvaerner Oil & Gas do Brasil Ltda. KOP Brazil is the supplier of subsea production systems and Services for the Brazilian oil industry, with locations in Curitiba, Rio de Janeiro and Rio das Ostras.

This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com

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