Aker Kvaerner has been awarded by Reliance Industries Ltd, an engineering, procurement and construction contract to deliver an 18 well subsea production system for the deepwater Block KG-D6 gas development located offshore the east coast of India. Aker Kvaerner has worked with Reliance Industries Ltd for more than 25 years on a number of chemicals and refining projects.
The contract is one of the worlds largest subsea contracts ever awarded and affirms Aker Kvaerners position as the leading contractor for deepwater subsea developments. The initial contract value is approximately $ 400 million. "First deliveries are scheduled for July 2007," said Aker Kvaerner, which supplies engineering and construction services to the offshore oil and gas industry and several other industrial sectors.
Aker Kvaerner shares leapt as much as 9.8 per cent to a record 680 crowns, but settled back to 658 crowns - still up 6.2 percent - by 1000 GMT.
The share price values Aker Kvaerner at about 36.2 billion Norwegian crowns ($ 6 billion).
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| Posted : 6/17/2006 |
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