Drilling equipment contract to Aker Kvaerner

18 July 2006 - Aker Kvaerner has signed a contract with MPF Corp Ltd. for delivery of drilling equipment to the Multi Purpose Floater (MPF) drillship. The total contract value for Aker Kvaerner is approximately NOK 450 million.

The drilling package is designed for world wide, harsh environment and ultra deepwater drilling operations.

The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand.

The delivery consists of a complete drilling equipment package; derrick and associated equipment, drillfloor and pipedeck equipment with control system, tensioning systems, mud handling equipment and subsea handling equipment.

“Our delivery to MPF Corp. Ltd. demonstrates the flexibility and versatility of our products and solutions. The delivery to MPF will be based on a solution delivered to ultra deepwater semi submersibles, and will be adapted to fit their multipurpose floater. This execution philosophy will also ensure quality and timely delivery.” says Roald Amundsen, President, Aker Kvaerner MH.

The drilling equipment package will be delivered sequentially starting Q4-2007.

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 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

Torbjørn S. Andersen

Senior Vice President, Corporate Communications

Aker Kværner ASA

Contact via E-mail