Aker Kvaerner and Clough Win Woodside Contract

Australia-based Woodside Energy Limited awarded the Aker Kvaerner-Clough Limited joint venture a contract for the installation of topsides for the Angel platform. The contract value is approximately $33 million; Aker Kvaerner's share is approximately $16.5 million. The Joint Venture will perform all installation engineering and construction activities related to transportation and installation of the Angel topside module, weighing approximately 7,000 tons. The Angel field is located on the North West Shelf of Western Australia approximately 49 km east of Woodside's North Rankin Platform. The project will commence immediately and work towards final investment decision in January 2006. Given project sanction, the topside installation is planned for late 2007 / early 2008.