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Aker Kvaerner to Deliver Mooring Equipment to Daewoo

Maritime Activity Reports, Inc.

February 7, 2006

Aker Kvaerner has been awarded a contract with Daewoo Shipbuilding & Marine Engineering Co. Ltd in South Korea for delivery of mooring equipment. The total contract value for Aker Kvaerner is approximately NOK 60 million. The contract involves supply of mooring equipment for two semi-submersible drilling rigs to be built at Daewoo Shipbuilding & Marine Engineering Co. Ltd for the Norwegian rig owner SeaDrill. Four sets of double mooring winches and eigth underwater fairleads will be used to pull in and secure eigth 84mm chains used in the mooring lines. Integrated safety features play a high role in equipment of this type. These features include; fail-safe brakes, interlock systems, stored energy system, deluge system, load monitoring, intelligent sensors, control cabin for safe operation, and emergency release system to allow quick repositioning of the rig. The equipment will be manufactured in Europe and South Korea and deliveries to both rigs will take place between December 2006 and December 2007.

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