28 November 2007 - Aker Kvaerner has informed Aker Drilling that the two Aker H-6e drilling rigs currently under fabrication will have a revised delivery schedule. It is not expected that these changes will affect Aker Kvaerner's financial results for 2007 and going forward.

 

The first drilling rig, Aker Spitsbergen, will be delivered by the end of July 2008, while it was previously scheduled for delivery by the end of April. The second drilling rig, Aker Barents, will be delivered medio December 2008, against previously agreed delivery by the end of October. The revised schedule may trigger penalty clauses in the contract with Aker Drilling. Aker Kvaerner will work closely with Aker Drilling to minimise the effects of the revised schedule.

The new timeline is caused by delays in work from subcontractors with subsequent more carry over work to the later project phases, and also that Aker Kvaerner's engineering has been more extensive than originally planned.

In 2005, Aker Drilling awarded Aker Kvaerner the contract to deliver two Aker H-6e design drilling rigs, which is an advanced design for operations in deep waters and harsh environments. 

ENDS

Media:

Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 928 85 542

Lasse Torkildsen, SVP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39

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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 percent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.

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