Aker Kvaerner Wins Drilling Equipment Contract from Samsung

Samsung Heavy Industries Co. Ltd. has awarded Aker Kvaerner a contract for delivery of a new drilling rig system to Eastern Drilling's West E-Drill project. The contract value is approximately NOK 700 million. The project will start immediately at Aker Kvaerner's subsidiary Aker Kvaerner MH, with delivery of the drilling equipment package in the second half of 2007.

"We are pleased that Samsung Heavy Industries has awarded us this contract, which confirms our leading market position in the deep water segment. Furthermore, we continue the growth in the drilling equipment segment, and it supports our unique RamRig technology", says Roald Amundsen, President of Aker Kvaerner MH."

The new contract was an option in a contract Aker Kvaerner MH signed with Samsung in June 2005, and the scope is similar for both contracts. The drilling system will be a highly efficient system designed for parallel operations and operation at remote locations.

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