Kvaerner awarded contract for Magnolia Power Project in California

SAN RAMON/OSLO, Sept. 23, 2002 — Kvaerner has been awarded the contract for construction of the planned Magnolia Power Project, a 250 MW natural gas-fueled, combined cycle power plant in Burbank, California.

Kvaerner E&C in San Ramon, California will perform engineering, procurement, and construction for the project, which is sponsored by the Southern California Public Power Authority.

Kvaerner’s work will begin with $300,000 in preliminary engineering tasks and continue with full engineering and construction when the California Energy Commission completes the state licensing process and the project receives financing in early 2003. Work will be performed on site and from Kvaerner’s San Ramon, California office, and the value of the total Kvaerner scope is estimated at US$112 million.

“Magnolia Power Project participants are very pleased to begin work with Kvaerner E&C staff to produce a reliable and highly efficient electricity resource for the Southern California cities of Anaheim, Burbank, Cerritos, Colton, Glendale, Pasadena and San Marcos,” said Ron Davis, chair of the project’s coordinating committee.

“Kvaerner E&C’s proven integral design and construction management abilities will help ensure that the Magnolia Power Project is available for energy delivery in time for the 2005 peak summer electrical use period.”

Davis added, “Kvaerner’s highly respected power plant experience and construction expertise were key factors in our contractor selection process.” Kvaerner is currently also constructing a 750 MW power plant in Bakersfield, California.

“We are very pleased that the power industry has recognized Kvaerner’s position as a leading engineer and construction partner for their power projects in California and elsewhere in the country,” said Gary Mandel, head of Kvaerner E&C in the U.S.

Kvaerner is an international oil services and products, engineering and construction, and shipbuilding Group with the capability and resources to undertake the world’s most challenging projects.

The Group’s activities are organized in four core business areas: Aker Kvaerner, E&C, Pulp & Paper, and Shipbuilding. The Group has annual revenues in excess of US$6 billion, with some 34,000 permanent staff located in more than 30 countries throughout Europe, Africa, Asia and the Americas.

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