Maintenance contracts with GE Energy Services and MTU Maintenance

October 30, 2006, 16:00 CET

Hydro has, in cooperation with Statoil and ExxonMobil, entered into two parallel frame agreements with GE Energy Services (Norway) og MTU Maintenance Berlin-Brandenburg (Germany) for the repair and maintenance of gas turbines, type GE LM2500. The contracts will cover gas turbines installed both onshore and offshore in the Norwegian sector.

Hydro is operator of nine offshore platforms, with a total of 25 gas turbines, type GE LM2500. The gas turbines are used for power production as well as re-injection of gas to increase oil output and/or export of gas from the field.

The contracts become effective in December 2006. Hydro's share in the agreements, which cover the period 2007-2009, is some NOK 175 million. The total value of the contracts for all three companies is about NOK 700 million.

The contracts will also include options for eventual extensions of two and three years.