DSME Drilling Riser Contract for Aker Solutions

August 25, 2008

Aker Solutions has been awarded another contract for delivery of a deepwater drilling riser system to Daewoo Shipbuilding & Marine Engineering (DSME). Contract value is approximately $35 million.

The contract is for the delivery of a complete deepwater marine drilling riser system with buoyancy package and associated equipment. The 7 500 ft system will be used for a semi submersible drilling rig that DSME is building.

This is the fourth deepwater drilling riser contract DSME has awarded Aker Solutions this year.

"We are offering a technology that focuses on safe operations and offers significant time savings when connecting the riser joints. This results in significant reduction in costs from both reduced manpower and rig operations. We are pleased that DSME and their end clients see the benefits of this technological solution," says Svein Haug, senior vice president Umbilical & Riser, Aker Solutions.

The marine drilling riser system will be manufactured and delivered out of Aker Solutions' high tech manufacturing centre in Malaysia. Buoyancy modules will be manufactured at the same centre's recently opened buoyancy production unit, by Aker Solutions subsidiary Phoenix Polymers International Ltd.

Delivery of the drilling riser systems is scheduled for 2011. Contract party is Aker Solutions Malaysia Sdn. Bhd.