Aker Kvaerner awarded Marine Drilling Riser contract with Frigstad

24 July 2006 - Frigstad Discoverer Invest Ltd has awarded Aker Kvaerner a contract for delivery of Clip Connector Marine Drilling Risers. The total contract value for Aker Kvaerner is approximately USD 44 million.

The order is for delivery of one off 3000 meter Clip Connector Marine Drilling Riser, with an option for additional length. This will be Aker Kvaerner Subsea’s first marine drilling riser contract in the Asian market.
The contract includes purchase and installation of buoyancy elements to the riser.

The contract will be executed out of Aker Kvaerner’s office at Lysaker, Norway and the riser will be fabricated in Aker Kvaerner’s new plant for assembly and testing of marine drilling risers in Port Klang, Malaysia.

The project will start up immediately and is scheduled to be completed January 2009.

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 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

Torbjorn S. Andersen

Senior Vice President, Corporate Communications

Aker Kvaerner ASA

Contact via E-mail