Aker Kvaerner drilling equipment contract for Samsung

16 June 2006 - Samsung Heavy Industries Co. Ltd. in Korea has awarded Aker Kvaerner a contract for delivery of a new drilling rig equipment package to Eastern Drilling’s West E-Drill project. The contract value is approximately NOK 700 million. The project will start immediately at Aker Kvaerner’s subsidiary Aker Kvaerner MH, with delivery of the drilling equipment package in the second half of 2007.

“We are pleased that Samsung Heavy Industries has awarded us this contract, which confirms our leading market position in the deep water segment. Furthermore, we continue the growth in the drilling equipment segment, and it supports our unique RamRig technology”, says Roald Amundsen, President of Aker Kvaerner MH"

The new contract was an option in a contract Aker Kvaerner MH signed with Samsung in June 2005, and the scope is similar for both contracts The drilling system will be a highly efficient system designed for parallel operations and operation at remote locations.

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 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

Contact via E-mail