Aker Kvaerner Wins Drilling Equipment Contract with PPL Shipyard

Aker Kvaerner has been awarded a contract with PPL Shipyard Pte Ltd in Singapore for delivery of drilling equipment for a Baker Marine Pacific Class 375 jackup. The total contract value for Aker Kvaerner is approximately US $15 million.

The award is based on a letter of intent signed with PPL Shipyard Pte Ltd in Singapore, October 2006. The work is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand.

The scope of work for Aker Kvaerner MH is to deliver drilling equipment as well as engineering and commissioning services. The jackup is scheduled for delivery at the end of 2008. The drilling rig will be designed for world-wide operation.

"This award confirms not only Aker Kvaerner's performance and close cooperation with PPL Shipyard Pte Ltd on similar projects, but also Aker Kvaerner MH's established position as a leading supplier in the world-wide offshore drilling equipment segment," says Roald Amundsen, President of Aker Kvaerner MH.

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