Aker Kvaerner breakthrough in the Chinese drilling equipment market

17 August 2007 - Aker Kvaerner has been awarded a contract by China National Offshore Oil Corporation (CNOOC) for delivery of drilling equipment and system for an ultra deepwater drilling semisubmersible unit. The contract value for Aker Kvaerner is approximately USD 128 million.


"This first delivery of drilling equipment systems into the Chinese offshore market is a breakthrough for Aker Kvaerner. We are very pleased that CNOOC has chosen us and are committed to execute this project to a high quality and on schedule", says Mads Andersen, executive vice president in Aker Kvaerner.


The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work is to deliver drilling equipment package, installation and commissioning supervision.


"This contract proves Aker Kvaerner MH's competitiveness and our reputation as a dependable and experienced supplier of drilling equipment packages", says Roald Amundsen, President of Aker Kvaerner MH.


This delivery is similar to previous drilling equipment packages delivered from Aker Kvaerner MH and will be a highly efficient system designed for deep water operations. The drilling rig will be the most advanced semisubmersible drilling rig designed for use in Chinese waters.


The ultra deepwater drilling rig is scheduled for delivery early 2011.


ENDS
 
For further information, please contact:
 
Media:
Siw Anett Enerud, Communications manager, Aker Kvaerner Products & Technologies. Tel: +47 22 94 71 92 Mob: +47 951 93 415
 
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




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 23 000 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 40.1 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

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