Aker Kvaerner awarded drilling equipment contract with Daewoo Shipbuilding & Marine engineering

2 October 2006 - Aker Kvaerner has been awarded a contract with Daewoo Shipbuilding & Marine Engineering Co Ltd in South Korea for delivery of drilling facilities for an ultra deepwater semi submersible drilling rig ordered by an international drilling contractor. The total contract value for Aker Kvaerner is approximately USD 86 million.

The award is based on an option included in a contract Aker Kvaerner signed with Daewoo Shipbuilding & Marine Engineering Co. Ltd in February 2006. The work is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand.

The scope of work for Aker Kvaerner MH is to deliver a complete drilling package including engineering, equipment deliveries and commissioning services.

The ultra deepwater semi-submersible drilling rig is scheduled for delivery in 2009. The drilling rig will be designed for world-wide operation in harsh environment, including operation on the Norwegian continental shelf.

“This award confirms not only Aker Kvaerner’s performance and close cooperation with Daewoo Shipbuilding & Marine Engineering Co. Ltd on previous similar projects, but also Aker Kvaerner MH’s established position as the leading supplier in the ultra deepwater drilling equipment segment,” says Roald Amundsen, President of Aker Kvaerner MH.

ENDS

For further information, please contact:

Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner, 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, 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 23 000 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 50 000 employees and NOK 80 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

Aker Kvaerner ASA

Contact via E-mail