Aker Kvaerner Awarded Major Drilling Equipment Contract

Aker Kvaerner has signed a contract with Jurong Shipyard Pte. Ltd in Singapore for delivery of a drilling system for one ultra deepwater semisubmersible. The total contract value for Aker Kvaerner is approximately US $113 million.

The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work is to deliver a complete drilling package consisting of engineering, drilling equipment deliveries and subsea equipment.

The award is based on the second option included in a contract Aker Kvaerner MH signed with Jurong Shipyard beginning of October 2005. This delivery is an identical copy to previous deliveries to Jurong and will be a highly efficient system designed for parallel operations. The drilling rig will be designed for world-wide operations.

Including this delivery, Aker Kvaerner MH currently is contracted to deliver equipment and systems for four semi-submersible drilling units for Jurong Shipyard. "This contract confirms our leading position in the semi submersible drilling rig segment and our good relationship with Jurong Shipyard", says Roald Amundsen, President in Aker Kvaerner MH.

The ultra deepwater drilling rig is scheduled for delivery in 2009 and the ultimate client is PetroMENA AS.

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