Aker Drilling Revises Delivery Schedule for Aker H-6e Rigs

Aker Kvaerner has informed Aker Drilling that the two Aker H-6e drilling rigs currently under fabrication will have a revised delivery schedule. It is not expected that these changes will affect Aker Kvaerner's financial results for 2007 and going forward.

The first drilling rig, Aker Spitsbergen, will be delivered by the end of July 2008, while it was previously scheduled for delivery by the end of April. The second drilling rig, Aker Barents, will be delivered mid-December 2008, against previously agreed delivery by the end of October. The revised schedule may trigger penalty clauses in the contract with Aker Drilling. Aker Kvaerner will work closely with Aker Drilling to minimize the effects of the revised schedule.

The new timeline is caused by delays in work from subcontractors with subsequent more carry over work to the later project phases, and also that Aker Kvaerner's engineering has been more extensive than originally planned.

In 2005, Aker Drilling awarded Aker Kvaerner the contract to deliver two Aker H-6e design drilling rigs, which is an advanced design for operations in deep waters and harsh environments.

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