StatoilHydro Grants Aker 5-Year Drilling Contract for NOK 5B

StatoilHydro has awarded a five-year contract to Aker Drilling for drilling operations in the Norwegian Sea. The total contract value is about NOK 5 billion.

The contract was awarded in December 2006, but StatoilHydro has had until now to decide the final length of the fixed part of the contract, beyond a minimum period of three years.

The Aker Drilling rig Aker Spitsbergen will be used for drilling assignment at Halten Nordland in the Norwegian Sea. The rig, which belong to Aker Drilling's sixth generation rigs, are designed for assignment on the Norwegian continental shelf, where deep waters and tough weather pose extra challenges.

During full utilization of the rig, the total contact value over five years will be about NOK 5 billion, based on an exchange rate of NOK 5.10 to the US dollar.

The construction of the rig is now in full progress at the Aker Kvaerner yard at Stord. Aker Spitsbergen is scheduled to be delivered at the end of July 2008.

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