1 April 2008 - Aker Kvaerner has won a contract for the delivery of a complete deepwater marine drilling riser system with buoyancy package and associated equipment. The client, who is undisclosed, has also signed an agreement to buy an additional buoyancy package for a drilling riser system it purchased from Aker Kvaerner in 2007. Total contract value is approximately USD 50 million.

The marine drilling riser system, to be used for a drillship, will come at a length of 7500 feet. It will be manufactured and delivered out of Aker Kvaerner's subsea manufacturing centre in Malaysia. Delivery is scheduled for Q2 2010.

Buoyancy modules will be manufactured by Phoenix Polymers International, a company which Aker Kvaerner acquired a controlling 50 per cent stake in June 2007.

"We are one of the market leaders in the drilling riser segment", says Svein Haug, senior vice president for Umbilical & Riser in Aker Kvaerner. "Our new high tech manufacturing centre in Malaysia has been a key driver in capitalising on the boom in the worldwide rig market. Furthermore, we have recently opened a new drilling riser manufacturing facility in Brazil, which will enable us to grab an even larger share of the market."

The contract is booked as order intake for Aker Kvaerner's subsea business area in Q1 2008.

ENDS

 

Media:
Endre Johansen, communications manager, Aker Kvaerner Tel: +47 22 94 58 91, Mob: +47 416 10 605,
E-mail: endre.johansen@akerkvaerner.com

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39, Mob: +47 911 37 194

Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact BA
Global Sourcing Champion, telephone number found here: http://www.akerkvaerner.com/Internet/SuppliersCentre/Contacts/SupplyManagementContacts.htm.

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 58 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 Aker Kvaerner.

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