Aker Kvaerner Awarded Drilling Equipment Contract

Aker Kvaerner has signed a contract with Jurong Shipyard Pte. Ltd in Singapore for delivery of a drilling system for one ultra deepwater drilling semi-submersible unit. The total contract value for Aker Kvaerner is approximately $113m. The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work is to deliver a complete drilling package consisting of engineering, drilling equipment deliveries and subsea equipment. The award is based on the second option included in a contract Aker Kvaerner MH signed with Jurong Shipyard beginning of October 2005. This delivery is an identical copy to previous deliveries to Jurong and will be a highly efficient system designed for parallel operations. The drilling rig will be designed for world-wide operations. Including this delivery, Aker Kvaerner MH currently is contracted to deliver equipment and systems for four semi-submersible drilling units for Jurong Shipyard. The ultra deepwater drilling rig is scheduled for delivery in 2009 and the ultimate client is PetroMENA AS.