Kobay Technology Enters Supply Contract with Aker Kvaerner Subsea

Kobay Technology's subsidiary, Bend Weld Engineering has entered into a Frame Agreement to the supply clip riser joint components to Aker Kvaerner Subsea AS.

Bend Weld Engineering has agreed to supply products at terms within the "ceiling prices" and lead times for products that are "cargo ready". BWE will be Aker Kvaerner Subsea's preferred supplier for supply of drilling riser products.

The deal is for an initial period of five years with an option to extend for another five year period. The first three years of the agreement has an estimated value of US $8 million.