Drilling Equipment Contract to Aker Kvaerner

1 February 2008 - Aker Kvaerner has been awarded a drilling equipment contract by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) in Korea for an ultradeep drillship. The total contract value for Aker Kvaerner is approximately USD 130 million.

The scope of work is to deliver a complete drilling equipment package including installation and commissioning supervision. The contracts will be executed by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand, Norway which is recognised for its field-proven drilling equipment.

"We are very pleased to have been awarded this drilling equipment contract. This confirms our excellent relations with DSME and our ability to execute projects on schedule", says Roald Amundsen, President of Aker Kvaerner MH.

The drillship is scheduled for delivery third quarter of 2011.

AKER KVAERNER 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 and Power Generation. The Aker Kvaerner group is organised in 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 Kvaerner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 50 billion and employs approximately 24 000 people in about 30 countries.

Aker Kvaerner is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. As an industrial owner with a 40.27 percent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.

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.

For further information, please contact:

Siw Anett Enerud
Communications manager
Aker Kvaerner Products & Technologies.
Tel: +47 95 19 34 15

Suppliers: For further information about sourcing and potential subcontracts for this project, please contact
Richard Reynolds
vice president global supply chain.
Tel.: +44 1224 424868

Career opportunities: Visit http://akerkvaerner.com/Internet/CareerCentre

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