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Drilling equipment contract to Aker Kvaerner

Source: www.gulfoilandgas.com 7/18/2006, Location: Europe

Aker Kvaerner has signed a contract with MPF Corp Ltd. for delivery of drilling equipment to the Multi Purpose Floater (MPF) drillship. The total contract value for Aker Kvaerner is approximately NOK 450 million. The drilling package is designed for world wide, harsh environment and ultra deepwater drilling operations.

The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand.

The delivery consists of a complete drilling equipment package; derrick and associated equipment, drillfloor and pipedeck equipment with control system, tensioning systems, mud handling equipment and subsea handling equipment.

"Our delivery to MPF Corp. Ltd. demonstrates the flexibility and versatility of our products and solutions. The delivery to MPF will be based on a solution delivered to ultra deepwater semi submersibles, and will be adapted to fit their multipurpose floater. This execution philosophy will also ensure quality and timely delivery." says Roald Amundsen, President, Aker Kvaerner MH.

The drilling equipment package will be delivered sequentially starting Q4-2007.

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