9 November 2007 - Aker Kvaerner has been awarded two drilling equipment contracts by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) in Korea; one for a single drillship, the other one for a semi rig. The total contract value for Aker Kvaerner is approximately USD 213 million.

The scope of work for both contracts is to deliver complete drilling equipment packages 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.

"These significant awards with DSME reconfirms Aker Kvaerner MH's leading position as a successful supplier of complete drilling equipment packages and our ability to execute these projects on schedule", says Mads Andersen, Executive Vice President of Aker Kvaerner.

The delivery of drilling equipment to DSME's drillship 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.

The semi rig is to be delivered third quarter 2010 and the drillship is scheduled for delivery fourth quarter of 2010.

ENDS

 

 

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

 

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 Richard Reynolds, vice president global supply chain. Tel.: +44 1224 424868

 

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

 

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 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 Kværner 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 per cent 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.

This press release may include forward-looking information or statements and is subject to our disclaimer, see our web- pages www.akerkvaerner.com