Aker Kvaerner to Deliver Drilling Systems to Jurong

Aker Kvaerner signed a contract with Jurong Shipyard in Singapore for delivery of advanced deepwater drilling systems for two semi-submersible drilling rigs to Seatankers Management Co. Ltd. The total contract value for Aker Kvaerner is approximately $200 million. The contract also includes an option for delivery of identical drilling systems for two additional rigs.

Aker Kvaerner's scope of work includes two complete drilling packages consisting of engineering, equipment deliveries, commissioning, and delivery of 3rd party equipment; blow-out preventers (BOP) and marine riser systems.

The two identical drilling packages are designed for ultra-deepwater operations. The first of the two new deepwater drilling rigs is scheduled to be delivered at the beginning of 2008, while the second rig is to be ready at the beginning of 2009.