Aker Kvaerner Signs Subsea Contract

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.

The project is based on Aker Kvaerner's Standard Configurable Tree (SCTTM) - a tree system configured from standardized, stocked core components, which offers significant reductions in lead times. The project will be managed out of Oslo, Norway. Subsea trees will be manufactured at Tranby, Norway, and control systems in Aberdeen, UK.