Kvaerner

Kvaerner, in a joint venture with KBR, signed a contract with Statoil to provide the topside for the utility and living quarter platform at the Johan Sverdrup field in the North Sea. The agreement is worth approximately USD 875 million and includes an option for commissioning assistance and offshore hook-up for the platform. Detailed engineering has already begun and fabrication is expected to begin next spring. Kvaerner holds a 51% interest in the project and KBR holds the remaining 49%.