Aker Kvaerner Awarded Contract

Aker Kvaerner has been awarded a contract with Discoverer Invest Ltd in Singapore for delivery of drilling systems and equipment to a Frigstad D90 ultra deepwater semi-submersible drilling rig. The total contract value for Aker Kvaerner is approximately NOK 450 million. The drilling package will consist of a dual version of the RamRig, an advanced drilling system developed by Aker Kvaerner. This system is designed to enable more efficient drilling operations compared with conventional systems, particularly in deep waters. The deepwater semi-submersible drilling rig is scheduled for delivery in 2009.