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Njord B maintenance contract to Kværner Rosenberg

February 20, 2003, 00:00 CET

Hydro has awarded Kværner Rosenberg a contract for maintenance work on the Njord B oil storage vessel.

The contract is valued at NOK 40-50 million and entails, among other things, the replacement of electrical cables and surface treatment work. Hydro will send the ship to port in June so that the work can be completed quickly and to optimize working conditions.

"We have elected to send the ship to port to improve working conditions and minimize production losses," says Erik Abrahamsen, manager of Hydro's Njord field unit.

"We'll start the work at the same time as the planned revisions stop in May... this way the number of days out of operation are fewer than alternative solutions," he comments.

Njord B is an unmanned oil storage ship positioned on the Njord field on the Halten Bank in the Norwegian Sea. The oil produced by the Njord A platform is sent by pipeline to the Njord B ship before being loaded on tankers for transport to market. Njord B will be replaced by another storage vessel during the maintenance period.

License shareholders in the Njord field:

Norsk Hydro (operator) – 20 percent

Petoro – 7.5 percent

ConocoPhillips – 15 percent

ExxonMobil – 20 percent

Paladin Resources – 15 percent

Gaz de France – 20 percent

OER – 2.5 percent