Aker Opts Not to Exercise Options for Two Remaining Semisubs

Aker Drilling has decided not to exercise options that expired on September 30th this year, for delivery of another two semisubmersible drilling rigs from Aker Kvaerner. Construction of the company's first two sixth generation rigs and the build up of the operational organization is well underway. The rigs are to be delivered to Aker Drilling ready to start drilling end February 2008 and October 2008 respectively.

'Demand for highly sophisticated, harsh environment deepwater drillings units is strong. Recent charters confirm that the day rates continue to be strong in this market segment, and the availability of our rigs in 2008 is a key competitive advantage, says Geir Sjoberg, President & CEO of Aker Drilling.

'We are confident that we will be able to secure high quality contracts for our state-of-the-art rigs. In the meantime we will continue the dialogue with Aker Kvaerner with a view to sign contracts to build additional rigs at a later stage', he said.

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