Aker Kvaerner Wins Deepwater Contract

January 3, 2006

Maersk Contractors has awarded Aker Kvaerner Subsea a contract to deliver two deep water drilling risers, equipped with an industry leading connector technology. The contract is valued at $32 million, excluding options, and positions Aker Kvaerner as one of the market leaders in riser technology.

The order is for two 2250 meter risers, with options for a third 2250 meter riser and optional additional length for each riser of 750 meters. The risers are designed to operate in water depth down to 3000 meters. The project will be managed by Aker Kvaerner Subsea's umbilical and riser group in Mobile, Alabama, USA, with the first riser to be delivered in January 2008, followed by delivery of the second riser in January 2009.

The CLIP riser connector is a proven technology in deep water. Aker Kvaerner has successfully delivered the CLIP riser technology to Pride and Global for deep water operations.

The CLIP riser connector was developed by IFP (Institut Francais du Petrol) in the mid 1980s. Aker Kvaerner has an exclusive licence from IFP to sell, manufacture and deliver the CLIP system.

This contract was signed and booked in the fourth quarter of 2005.