Aker Kvaerner drilling system contract with Sevan Drilling Pte. Ltd.

6 April 2006 - Aker Kvaerner has signed a contract with Sevan Drilling Pte. Ltd., a fully owned subsidiary of Sevan Marine ASA for delivery of drilling systems and equipment to a drilling platform of the Sevan design. The total contract value for Aker Kvaerner is approximately USD 87 million. The contract also includes an option for delivery of a second, identical drilling package.

The contract is undertaken by Aker Kvaerner MH. The scope of work is to deliver a complete drilling package consisting of engineering, equipment deliveries and related services. The drilling system will be a high efficient system designed for parallel operations and operation at remote locations.

The harsh environment, ultra deepwater drilling rig is scheduled for delivery first half of 2009. The drilling rig will be designed for world-wide operation.

“We are pleased that Sevan Marine has awarded us this contract, which confirms our leading market position in the deep water drilling segment,” says Roald Amundsen, President of Aker Kvaerner MH.

ENDS

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 20 000 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

Communications Manager

Aker Kvaerner Products & Technologies

Contact via E-mail