Aker Kvaerner to deliver another deepwater drilling riser

23 January 2006 - Maersk Contractors has awarded Aker Kvaerner a contract to deliver a spare riser for their ongoing semi-submersible drilling rig building programme. The spare riser comes in addition to orders received in 2005 and 2006 for three complete riser systems to be delivered from 2008 to 2010. All risers are equipped with an industry leading connector technology designed for safe and reliable operation in ultra-deep water. The contract strengthens Aker Kvaerner’s position as one of the market leaders in drilling riser technology.

The first riser of four riser systems will be delivered in January 2008 and manufacturing of riser joints for Maersk starts in May this year. The projects are on schedule and included in the deliveries are the new Aker Kvearner telescopic joint / tension ring systems which provide enhanced environmental protection with a triple packer system.

The risers for Maersk will be built at Aker Kvaerner’s new high technology manufacturing facility in Malaysia which has been in operation since the end of 2006.


ENDS

For further information, please contact:

Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner, Tel: +47 67 51 30 39

Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact:
Roger Lunde, Vice President, Global Supply Chain, Tel:+47 32859478

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 and Power Generation. 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 23 000 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 50 000 employees and NOK 80 billion revenues. Aker owns 40.1 per cent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.

Aker Kvaerner Subsea is a leading provider of a complete range of surface and subsea solutions for the oil and gas industry - from concept screening and design through manufacturing, fabrication and commissioning. Aker Kvaerner Subsea’s ability as a world-wide total system provider is backed by a wide portfolio of products which are maintained for the complete life of field. Aker Kvaerner Subsea’s capability is available for both new and existing fields either as individual activities or complete packages.

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

Torbjørn S. Andersen

SVP Group Communications

Aker Kværner ASA

Contact via E-mail