Aker Kvaerner ASA and IHI Inc win USD680m contract to build LNG terminal in the US

Nordic Business Report, Feb 8, 2008

NORDIC BUSINESS REPORT-8 February 2008-Aker Kvaerner ASA and IHI Inc win USD680m contract to build LNG terminal in the US(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian engineering, construction and technology group Aker Kvaerner ASA said on Friday (8 February) that its joint venture with IHI Inc has won a contract to build an LNG re-gasification terminal in the US.

The USD680m project, awarded by Gulf LNG Energy LLC, covers engineering, procurement and construction of an onshore LNG import and re-gasification terminal with two 160,000-cubic metre full-containment LNG tanks and a vaporisation system. The terminal will be located on the US Gulf coast.

Aker Kvaerner's part of the project will be carried out by the group's Houston-based unit Aker Kvaerner Inc.

The project is scheduled for completion in the second quarter of 2011.

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 1.99 US dollars (USD). One British pound (GBP) is worth approximately 10.73 Norwegian kroner (NOK).

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