MH Wins BP Contract

The Aker Kvaerner subsidiary, Maritime Hydraulics AS (MH) in Kristiansand, Norway signed a contract with BP for the delivery of another two complete drilling installations for the ACG Phase 2-project in the Caspian Sea. The contract is worth NOK 250-300 million. The contract was won in international competition. MH has previously signed major contracts with BP such as at the Valhall project in the North Sea, the Thunder Horse in the Gulf of Mexico and the ACG Phase 1-project in the Caspian Sea. Comprised in the delivery are complete drilling equipment packages for two platforms in the Caspian Sea scheduled for delivery in 2003 and 2004 respectively. In addition to the actual equipment, MH will also be in charge of training and service follow-up in Baku, Azerbaijan. BP's drilling operations in the Caspian Sea will entail long term agreements that are very appealing to MH.