Aker Kvaerner Awarded Drilling Equipment Contract

Aker Kvaerner has signed a contract with Daewoo Shipbuilding & Marine Engineering Co. Ltd in South Korea for delivery of drilling systems for two semi-submersible drilling rigs ordered by SeaDrill. The total contract value for Aker Kvaerner is approximately NOK 930 million. The scope of work for Aker Kvaerner MH is to deliver two complete drilling packages consisting of engineering, equipment deliveries and commissioning services. The contract between Daewoo shipbuilding & Marine Engineering Co. Ltd. and Aker Kvaerner MH includes opportunities for options to be agreed and amended at a later stage. The deepwater semi-submersible drilling rigs are scheduled for delivery in Q1/2008 and Q3/2008. The drilling rigs will be designed for worldwide operation, including operation on the Norwegian continental Shelf.