Aker Kvaerner Wins Drilling Equipment Supply Order

Aker Kvaerner has signed a contract with Jurong Shipyard Pte. Ltd in Singapore for delivery of a drilling system for an ultra deepwater drilling semisubmersible platform. The total contract value for Aker Kvaerner is approximately US $160 million.

The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work is to deliver a complete drilling package consisting of engineering, drilling equipment deliveries and subsea equipment. Aker Kvaerner MH's deepwater drilling solutions are based on a highly efficient system designed for performing different operations in parallel.

The new agreement is the fifth contract with Jurong Shipyard since October 2005, in a series of semisubmersible drilling platforms to be built at the yard.

"This contract with Jurong again recognizes Aker Kvaerner MH position in the offshore drilling market. It also represents another step towards Aker Kvaerner MH's ambition of becoming the dominating deep water drilling systems provider", says Roald Amundsen, President of Aker Kvaerner MH.

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