Aker Kvaerner awarded major drilling equipment contract

10 February 2006 - Aker Kvaerner has signed a contract with Daewoo Shipbuilding & Marine Engineering Co. Ltd in South Korea for delivery of drilling systems for two semi-submersible drilling rigs ordered by SeaDrill. The total contract value for Aker Kvaerner is approximately NOK 930 million.

The scope of work for Aker Kvaerner MH is to deliver two complete drilling packages consisting of engineering, equipment deliveries and commissioning services. The contract between Daewoo shipbuilding & Marine Engineering Co. Ltd. and Aker Kvaerner MH includes opportunities for options to be agreed and amended at a later stage.

The deepwater semi-submersible drilling rigs are scheduled for delivery in Q1/2008 and Q3/2008. The drilling rigs will be designed for worldwide operation, including operation on the Norwegian continental Shelf.

“This contract award from Daewoo Shipbuilding & Marine Engineering Co. Ltd confirms our leading position in the growing deep water drilling market and fits well into our execution schedule going forward” says Roald Amundsen, President of Aker Kvaerner MH.

Mads Andersen, Executive Vice President of the Aker Kvaerner Products & Technologies business area, adds. “Winning this contract with Daewoo Shipbuilding & Marine Engineering Co. Ltd. shows that Aker Kvaerner MH is one of the world’s leading suppliers of such advanced solutions”.

ENDS

For further information, please contact:

Investor relations:
Lasse Torkildsen, Vice President, Aker Kvaerner, Group Comms. Tel: +47 67 51 30 39

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 35.6 billion and employs approximately 22,000 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 60 billion revenues. Aker owns 50.01 per cent 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

Communication manager

Aker Kvaerner Products & Technologies

Contact via E-mail