New Boost for Advanced Aker Kvaerner Drilling Systems

Aker Kvaerner has signed a contract with Samsung Heavy Industries in Korea for delivery of an advanced dual drilling system to a new semisubmersible drilling platform to Eastern Drilling. The new deepwater drilling rig is scheduled to be delivered in 2007. The total contract value for Aker Kvaerner is approximately NOK 700 million.

The drilling package will consist of a dual version of the RamRig, an advanced drilling system developed by Aker Kvaerner. Several systems have been delivered so far, proving to enable significantly more efficient drilling operations compared with conventional systems, particularly in deep waters. The rig operator Smedvig, who will operate the new rig on behalf of Eastern Drilling, is one of the clients for previous RamRig deliveries.

Aker Kvaerner considers the growing market for new state of the art drilling units as promising.

This contract confirms our strong position in the drilling market with our advanced solutions designed for deepwater and unsheltered areas, says Roald Amundsen, President of Aker Kvaerner MH. The Aker Kvaerner company was formerly named Maritime Hydraulics, and will now be responsible for the engineering, equipment deliveries and commissioning for the new project.

The new drilling rig will be outfitted with state of the art technology, and will be the world's most advanced drilling rig. The semisubmersible platform is designed with a dual derrick, dynamic positioning, a 6 000 tons variable deck load capacity and a water depth capability up to 3 000 meters.

The deepwater unit will be prepared for winter operations in northern areas. The unit has been designed with special environmental focus, minimizing the exposure to the environment. As a result, the rig will have a closed drainage system, dedicated slop tank for waste oil handling and tanks for treated cuttings.

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