The Derrick Drilling Machines are designed to define a new standard in drilling efficiency and reliability. The equipment will be based on modularization, novel design principles and designed to meet the deepwater drilling requirements foreseen for decades, such as constructing offshore wells of up to 50,000 feet in total depth.

Transocean and Aker Kvaerner MH have signed a contract to deliver in Q1/07  a 1250t Derrick Drilling Machine prototype for field test on one of  Transocean's drilling rigs. Provided that the field test is successful, Transocean has the option to incorporate the new drilling machine on a number of its high-specification drilling rigs.

Aker Kvaerner MH will work closely together with Transocean to develop this new technology, which is considered a key element in both companies' strategies to maximise safety, drilling efficiency and operational uptime.

"This award is yet another acknowledgement of our capabilities and technology and represents a significant breakthrough in the deepwater offshore drilling market. Transocean is the world's largest and one of the most demanding and quality conscious drilling contractors. This contract represents an important basis for further development of Aker Kvaerner MH in general, and our US based operations in particular", says Roald Amundsen, President of Aker Kvaerner MH.

ENDS

 

Media:

Siw Anett Enerud, Communication Manager, Aker Kvaerner Products & Technologies, Tel.: +47 22 94 71 92, Mob: +47 951 93 415

Roald Amundsen, President, Aker Kvaerner MH, Tel.: +47 38 05 74 86, Mob.: +47 906 97 450

Guy Cantwell, Manager, Corporate Communications, Transocean.. Tel: +1 713 232 7647, Mob: +1 713 819 3422

Investor relations:
Lasse Torkildsen, Vice President, Aker Kvaerner, Group Comms. Tel: +47 67 51 30 39

Jeffrey L. Chastain, Vice President, Investor Relations and Communications, Transocean. Tel: +1 713 232 7551

 

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, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting of 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 35.6 billion and employs approximately 22,000 people in more than 30 countries.

The Aker Kvaerner group consists of 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 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