(Oslo, 15 June 2004) Aker Yards' wholly owned subsidiairy Midsund Bruk has signed two contracts with Norsk Hydro to build process equipment for separating oil, gas, and water. Delivery to Ormen Lange's on-shore processing facilities at Nyhavna, Norway, is scheduled for the fall of 2005. Under the contract, a total of 16 large process tanks - each weighing up to 90 metric tons - will be built, at a total contract value of approximately NOK 70 million.
As a result of Midsund Bruk AS's efforts to realize its goal - to become a complete pre-fabrication workshop for processing equipment - it has been awarded the contract for complex processing units to be installed at the Nyhavna facilities for the Ormen Lange offshore field. The contract was won in fierce international competition.
"Our strategic shift, from building ship sections to producing equipment for offshore oil facilities and land-based processing industries has proven to be the correct course," says Midsund Bruk Managing Director Einar Øien. "We expect this contract with Norsk Hydro to give us a solid competitive position for winning additional product deliveries to Nyhavna."
For further information, please contact:
Einar Øien, Managing Director, Midsund Bruk AS,
telephone: +47 91 12 59 00
Tore Langballe, SVP Corporate Communications and Investor Relations, Aker Yards ASA,
telephone: +47 24 13 01 30