Kvaerner adds Grieg topside hook-up, commissioning work

Offshore staff

FORNEBU, Norway –Lundin Norway AS (NASDAQ:LUPE) confirms a contract option for Kvaerner to do offshore hook-up and commissioning work on the Edvard Grieg topsides for NOK 525 million ($91 million).

In May Kvaerner won theengineering, procurement, and construction of the topsides for NOK 8 billion ($1.39 billion).

By earlier contract, Kvaerner also will provide the steel jacket for the platform. The jacket is scheduled for delivery in 2014 with the topsides to come a year later.

The Edvard Grieg oil field is in the North Sea. First production is expected in late 2015, with a forecast gross peak production of approximately 90,000 b/d. The oil will be processed and transported in a new pipeline to the Grane area and further via the Grane oil pipeline to the Sture terminal for offloading.

Lundin Norway AS is the operator and has a 50% working interest in the Edvard Grieg field. Wintershall and RWE Dea hold 30% and 20%, respectively.

9/7/2012