Daewoo Awards Drilling Equipment Contract to Aker Kvaerner

Aker Kvaerner has been awarded a contract with Daewoo Shipbuilding & Marine Engineering Co Ltd in South Korea for delivery of drilling facilities for an ultra deepwater semisubmersible ordered by an international drilling contractor. The total contract value for Aker Kvaerner is approximately US $86 million.

The award is based on an option included in a contract Aker Kvaerner signed with Daewoo Shipbuilding & Marine Engineering Co. Ltd in February 2006. The work is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand.

The scope of work for Aker Kvaerner MH is to deliver a complete drilling package including engineering, equipment deliveries and commissioning services.

The ultra deepwater semisubmersible drilling rig is scheduled for delivery in 2009. The drilling rig will be designed for world-wide operation in harsh environment, including operation on the Norwegian continental shelf.

"This award confirms not only Aker Kvaerner's performance and close cooperation with Daewoo Shipbuilding & Marine Engineering Co. Ltd on previous similar projects, but also Aker Kvaerner MH's established position as the leading supplier in the ultra deepwater drilling equipment segment," says Roald Amundsen, President of Aker Kvaerner MH.

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