CSO Aker Maritime Wins Multiple SPAR Delivery Contract

March 8, 2001

CSO Aker Maritime, Inc. (formerly Aker Maritime, Inc.), one of Coflexip Stena Offshore's Houston-based entities, has been awarded a contract for delivery of multiple SPAR floating production platforms for BP's deepwater developments in the Gulf of Mexico. CSO Aker Maritime, Inc. will deliver the SPAR hulls and mooring systems under a program calling for up to five SPARs. This award is the largest in scope and value for the CSO Group.

CSO Aker Maritime, Inc. will be responsible for the engineering, procurement, fabrication and delivery of the complete hulls and mooring systems. The program contract calls for the first SPAR delivery in 2003. The contract arrangement includes options for delivery of additional hulls and mooring systems for BP operated deepwater prospects in the Gulf of Mexico in water depths ranging from 4,000 to 6,000 ft. Options for additional SPARs are to be exercised in line with BP's operational requirements.

The "truss" SPAR platform solutions to be provided are based on CSO Aker Maritime Deepwater Division's licensed SPAR technology.