AKER DRILLING ORDERS THE WORLD`S LARGEST DRILLING RIGS
The two drilling rigs ordered by Aker Drilling have features that make them particularly well suited for drilling under extreme conditions, such as ultra-deep waters, harsh environment, Artic waters and great distance from existing infrastructure. These features make the Aker Drilling a natural first choice for oil companies exploring wells in challenging waters as well as development drilling programmes worldwide.
`The design of the Aker H-6e rig is something entirely new in the rig industry,` says Martinus Brandal, Executive Vice President in Aker. `These rigs are a size up from other sixth-generation rigs, and the 6e designation denotes that they have been designed for extreme offshore working environments. The many advanced design and operational features of these rigs provide Aker Drilling with a competitive edge for future drilling awards by environmentally responsible and safety conscious oil companies,` Brandal says.
According to Brandal, Aker Kværner has unique references and experience in building similar rigs, with documented project-execution capabilities marked by delivering projects on schedule and on budget. `Aker Kværner`s track record of excellent project execution brings confidence to the project,` Martinus Brandal says. He adds that the contract entered into with Aker Kværner contains attractive options for building two additional rigs for delivery in 2009 and early 2010.
The Aker Drilling rigs feature an expanded topside area and additional payload and storage capacity compared with similar rigs. Their outstanding stability ensures safe operation in rough seas. Vertical racking of risers and casing provides a low center of gravity that further enhances stability. The rig`s drilling system features advanced, double RamRig® drilling packages and modules delivered by Aker Kværner MH; capabilities include remote control of drilling and diagnostics from onshore. Crew accommodations capacity on the rigs is greater than comparable drilling rigs; the accommodations` flexible design and layout can be easily adapted to suit customers` operational requirements. The rigs are fully winterized.
Aker Drilling is a new rig company established by Aker ASA; it is a wholly owned subsidiary of Aker Capital. Additional owners will be invited to contribute capital via a private placement of Aker Drilling shares. Marketing of the company in US and European markets ahead of the private share placement begins this week, with Enskilda Securities and Pareto Securities as joint lead managers and book runners, and DnB NOR Markets as co-lead manager.
Following the private placement of shares, Aker Capital is estimated to own about 20 percent of Aker Drilling. Aker Drilling is planning for listing on the Oslo Stock Exchange by the end of 2005.
The Aker H-6e contract with Aker Kværner is contingent, inter alia on final approval by the boards of directors of Aker ASA and Aker Kværner ASA; these are expected during October.
Enclosed please find the press release with fact sheet and presentation.