Aker Kvaerner Lands Major Drilling Equipment Contract

Aker Kvaerner has been awarded a contract from Jurong Shipyard Pte. Ltd in Singapore for delivery of a drilling system for an ultra deepwater drilling semi-submersible unit. The total contract value for Aker Kvaerner is approximately USD 160 - 180 million, including 3rd party deliveries of approximately USD 95-110 million.

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

This award is the sixth contract since October 2005 in a series of semi-submersibles based on Aker Kvaerner MH deepwater drilling solutions to be built at Jurong Shipyard. This delivery is identical to previous deliveries to Jurong and will be a highly efficient system.

"We are very pleased with the long term relationship we have developed with Jurong Shipyard and their clients," said Roald Amundsen, President of Aker Kvaerner MH. "We also consider this sixth order from Jurong to be yet another confirmation of our leading position in the drilling equipment solutions market."

The ultra deepwater drilling rig is scheduled for delivery in second quarter 2010.

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