Daewoo Awards Drilling Equipment Contract to Aker Kvaerner

Aker Kvaerner has been awarded two drilling equipment contracts by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) in Korea; one for a single drillship, the other one for a semi rig. The total contract value for Aker Kvaerner is approximately US$213 million.

The scope of work for both contracts is to deliver complete drilling equipment packages including installation and commissioning supervision. The contracts will be executed by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand, Norway, which is recognized for its field-proven drilling equipment.

"These significant awards with DSME reconfirms Aker Kvaerner MH's leading position as a successful supplier of complete drilling equipment packages and our ability to execute these projects on schedule", says Mads Andersen, Executive Vice President of Aker Kvaerner.

The delivery of drilling equipment to DSME's drillship will be based on a solution delivered to ultra deepwater semisubmersibles, and will be adapted to fit their multipurpose floater. This execution philosophy will also ensure quality.

The semisub is to be delivered third quarter 2010 and the drillship is scheduled for delivery fourth quarter of 2010.