Aker Kvaerner Awarded Marine Drilling Riser Contract

July 25, 2006

Frigstad Discoverer Invest Ltd. awarded Aker Kvaerner a contract for delivery of Clip Connector Marine Drilling Risers. The total contract value for Aker Kvaerner is approximately $44m. The order is for delivery of one off 3000 m Clip Connector Marine Drilling Riser, with an option for additional length. This will be Aker Kvaerner Subsea's first marine drilling riser contract in the Asian market. The contract includes purchase and installation of buoyancy elements to the riser. The contract will be executed out of Aker Kvaerner's office at Lysaker, Norway and the riser will be fabricated in Aker Kvaerner's new plant for assembly and testing of marine drilling risers in Port Klang, Malaysia. The project will start up immediately and is scheduled to be completed January 2009.

Aker Kvaerner Awarded Marine Drilling Riser Contract

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