Aker Kvaerner Pens 2 Contracts with Daewoo for Drilling Riser

Aker Kvaerner takes further strides into the booming Asian market by signing two contracts with Daewoo Shipbuilding & Marine Engineering (DSME). Both contracts are for the delivery of a complete deepwater marine drilling riser system with buoyancy package and associated equipment. Combined contract value is approximately USD 75 million.

The two deepwater marine drilling riser systems will be used for two drilling units - a drillship and a semi rig - that DSME is building. Each riser system will have a length of 7 500 ft.

"DSME is a company that builds a significant amount of drilling units for deepwater and ultra-deepwater conditions. Our deepwater drilling riser technology is therefore a good match for DSME's ambitions and know-how. We are very pleased to sign our first contracts with them," says Svein Haug, senior vice president Umbilical & Riser, Aker Kvaerner Subsea.

The drilling riser systems will be manufactured and delivered out of Aker Kvaerner Subsea's new high tech manufacturing centre in Malaysia. Buoyancy modules will be manufactured by Aberdeen-based Phoenix Polymers International Ltd, a company which Aker Kvaerner acquired a controlling 50 per cent stake in June last year.

Delivery of both drilling riser systems is scheduled for 2010. The contracts have been booked as order intake in Q4, 2007.

Aker Kvaerner has earlier (9 November 2007) announced that subsidiary Aker Kvaerner MH in Kristiansand, Norway, will deliver drilling equipment packages to DSME's two drilling units.