Aker Kvaerner Awarded Drilling Equipment Contracts

Aker Kvaerner has been awarded two drilling equipment contracts by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) in Korea; one for a single drillship, the other one for a semi rig. The total contract value for Aker Kvaerner is approximately $213m. The scope of work for both contracts is to deliver complete drilling equipment packages including installation and commissioning supervision. The contracts will be executed by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand, Norway which is recognised for its field-proven drilling equipment. The delivery of drilling equipment to DSME's drillship will be based on a solution delivered to ultra deepwater semi submersibles, and will be adapted to fit their multipurpose floater. This execution philosophy will also ensure quality. The semi rig is to be delivered third quarter 2010 and the drillship is scheduled for delivery fourth quarter of 2010.