Aker Kvaerner to Deliver Drilling Systems to Jurong Shipyard

Aker Kvaerner has signed a contract with Jurong Shipyard in Singapore for delivery of advanced deepwater drilling systems for two semisubmersible drilling rigs to Seatankers Management Co. Ltd. The total contract value for Aker Kvaerner is approximately US $200 million. The contract also includes an option for delivery of identical drilling systems for two additional rigs.

Aker Kvaerner's scope of work includes two complete drilling packages consisting of engineering, equipment deliveries, commissioning, and delivery of 3rd party equipment; blow-out preventers (BOP) and marine riser systems.

The two identical drilling packages are designed for ultra-deepwater operations.

The first of the two new deepwater drilling rigs is scheduled to be delivered at the beginning of 2008, while the second rig is to be ready at the beginning of 2009.

"This project marks yet another important milestone for Aker Kvaerner MH's delivery of drilling packages in the growing drilling market," says Roald Amundsen, President of Aker Kvaerner MH.

"The award confirms our strong position within the deepwater drilling segment, which is a strategic target area for us," says Mads Andersen, Executive Vice President in Aker Kvaerner.

Recently, Aker Kvaerner MH was awarded a contract with Samsung Heavy Industries in Korea for delivery of an advanced dual drilling system to a new semisubmersible drilling platform to Eastern Drilling.

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