Aker Oilfield Services See Strong Market Demand

Aker Oilfield Services Public entered into long-term charter contracts with DOF Subsea ASA for two subsea well intervention vessels. This contract will enable Aker Oilfield Services to commence operations one year ahead of original schedule. We are now responding to the strong interest for our well intervention service offering seen among our potential customers by advancing our vessel delivery for the two first vessels by one year, says Per-Ola Baalerud, CEO & President of Aker Oilfield Services.

The vessels are based on the Aker OSCV 03 and Aker OSCV 06 L designs respectively and will be delivered mid 2009 from Aker Yards in Norway. The duration of the charter contracts are five years firm plus five optional years, and the vessels will be integrated in the existing new building program of Aker Oilfield Services and modified for operation as subsea well intervention vessels with related `life-of-field` capabilities. Aker Oilfield Services has consequently converted the cancellation right for the two previously announced 2011 OSCV 06 L deliveries from Aker Yards into options for the same yard slots. The fleet of Aker Oilfield Services subsequently comprises four vessels for delivery in 2009 and 2010, in addition to four options with delivery in 2011.

In parallel with its vessel new building program, Aker Oilfield Services is rapidly expanding its specialized organization required to enable the company to offer fully integrated subsea well interventions and related services to oil companies world wide.

- Through our close partnership with Aker Kværner and other leading technology companies, in combination with our own organization, we have been able to muster an exceptionally strong team. This is a prerequisite for ensuring our vessels can undertake the highly complex and multi-disciplined activities involved in deep water subsea well interventions in a reliable, safe and efficient manner, Baalerud finishes.