Aker Kvaerner to Supply Drilling Systems to Daewoo

Aker Kvaerner has signed a contract with Daewoo Shipbuilding & Marine Engineering Co. Ltd in South Korea for delivery of drilling systems for two semisubmersible drilling rigs ordered by SeaDrill. The total contract value for Aker Kvaerner is approximately NOK 930 million.

The scope of work for Aker Kvaerner MH is to deliver two complete drilling packages consisting of engineering, equipment deliveries and commissioning services. The contract between Daewoo shipbuilding & Marine Engineering Co. Ltd. and Aker Kvaerner MH includes opportunities for options to be agreed and amended at a later stage.

The deepwater semisubmersibles are scheduled for delivery in Q1/2008 and Q3/2008. The drilling rigs will be designed for worldwide operation, including operation on the Norwegian continental Shelf.

"This contract award from Daewoo Shipbuilding & Marine Engineering Co. Ltd confirms our leading position in the growing deep water drilling market and fits well into our execution schedule going forward" says Roald Amundsen, President of Aker Kvaerner MH.

Mads Andersen, Executive Vice President of the Aker Kvaerner Products & Technologies business area, adds. "Winning this contract with Daewoo Shipbuilding & Marine Engineering Co. Ltd. shows that Aker Kvaerner MH is one of the world's leading suppliers of such advanced solutions".

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