Re Contract

ABB Ltd
23 March 2001

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ABB in $250-million deepwater development contract with BP

Specialized equipment is key to five-year supply deal

Zurich Switzerland, March 23, 2001. - ABB has been awarded a five-year contract
to supply well system equipment to the Gulf of Mexico deepwater development
programs of petroleum and petrochemicals group BP.

The first phase of the contract, which includes an option to extend to 10 years,
is valued at about US$ 250 million.


The scope of the order includes subsea wellhead equipment, drilling and
production risers, and surface wellheads and trees for BP's deepwater
development program. The equipment will be manufactured and tested at ABB
facilities in Houston, Texas.

ABB said the agreement is significant for its scope and duration. Gorm
Gundersen, head of ABB's Oil, Gas and Petrochemicals division, said the
agreement 'reflects the quality and reliability of our deepwater technology,
where we are among the leading suppliers worldwide.'

The specialized equipment used in deep waters must be able to withstand the
enormous pressure found at such depths - up to 2,100 meters (7,000 feet) - as
well as the high operating temperatures that result. By providing cost-effective
and reliable solutions, ABB aims to help oil companies recover more valuable
resources more efficiently and more safely in areas that were once considered
uneconomical.

ABB (www.abb.com) serves manufacturing, process and consumer industries,
utilities, and the oil and gas markets, with 160,000 employees in more than 100
countries.