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Norway's Aker Kvaerner ASA wins subsea contract from Repsol YPF.

NORDIC BUSINESS REPORT-7 February 2008-Norway's Aker Kvaerner ASA wins subsea contract from Repsol YPF(C)1994-2008 M2 COMMUNICATIONS LTD

Norwegian engineering, construction and technology group Aker Kvaerner ASA said on Thursday (7 February) that it has received its first subsea contract from the Spanish oil company Repsol YPF.

The contract, to be carried out by Aker Kvaerner Subsea, covers engineering, procurement and construction of two subsea trees with control systems, connections and overtrawlable structures for Repsol's Montanzo and Lubina projects off the east coast of Spain.

The financial details of the contract were not disclosed.

The project will be managed from Oslo in Norway, but the manufacturing will take place at Aker Kvaerner's facilities in Aberdeen in the UK and in Tranby in Norway.

Aker Kvaerner, headquartered in Lysaker, Norway, has 24,000 employees in over 30 countries, and annual revenues of NOK50bn. The company is 40.27% owned by Norwegian industrial holding group Aker ASA. Aker Kvaerner is listed on the Oslo Stock Exchange and traded under the ticker AKVER.

One British pound (GBP) is worth approximately 10.73 Norwegian kroner (NOK).

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Publication:Nordic Business Report
Date:Feb 7, 2008
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