Major drilling equipment contract to Aker Kvaerner

24 May 2006

Aker Kvaerner has signed a contract with Jurong Shipyard Pte. Ltd in Singapore for delivery of a drilling system for an ultra deepwater drilling semi-submersible platform. The total contract value for Aker Kvaerner is approximately USD 160 million. 24 May 06



The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work is to deliver a complete drilling package consisting of engineering, drilling equipment deliveries and subsea equipment. Aker Kvaerner MH’s deepwater drilling solutions are based on a highly efficient system designed for performing different operations in parallel.

The new agreement is the fifth contract with Jurong Shipyard since October 2005, in a series of semi-submersible drilling platforms to be built at the yard.

“This contract with Jurong again recognises Aker Kvaerner MH position in the offshore drilling market. It also represents another step towards Aker Kvaerner MH’s ambition of becoming the dominating deep water drilling systems provider”, says Roald Amundsen, President of Aker Kvaerner MH.

The ultra deepwater drilling rig is scheduled for delivery in first quarter 2010.



Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact Bjørn E. Klepsvik, tel.: +47 22 94 51 63

AKER KVÆRNER ASA, through its subsidiaries and affiliates (“Aker Kvaerner”), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.

The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 41.4 billion and employs approximately 21 000 people in more than 30 countries.

Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 40 000 employees and NOK 62 billion revenues. Aker owns 50.01 percent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.

Aker Kvaerner MH is a market leader in designing drilling equipment and drilling facilities. The company is recognised for developing new technology for deepwater drilling based on field-proven drilling equipment. Aker Kvaerner MH provides the international onshore and offshore industry with complete drilling equipment packages/modules (drilling and/or mud related systems, RamRig or conventional), full range of itemised drilling equipment, well intervention packages, drilling support modules, drilling control system, and monitoring systems as well as land rigs packages, workover rigs and products. Aker Kvaerner MH’s competitiveness is based on a unique combination of equipment deliveries, project execution capabilities and excellent after sales service.

This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com

Contact Information

Siw Anett Enerud

Communications manager

Aker Kvaerner Products & Technologies

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