Aker Drilling has received confirmation from StatoilHydro that the firm duration for the drilling contract in the Norwegian Sea will be five years.

- It was important for Aker Drilling to be awarded this contract for our first drilling unit. Having a large international oil company as a customer confirms that we have made the right decisions with regards to our rigs and the establishment of the company, says Mr. Geir Sjøberg, President & CEO of Aker Drilling.

Aker Drilling’s rigs, Aker Spitsbergen and Aker Barents, are tailor made for assignments on the Norwegian Continental Shelf, where deep waters and harsh environment are the main challenges. The assignment on Halten Nordland is ideal for Aker Drilling’s 6th generation rig design, with regards to safe and efficient operations in an area with one of the world’s most challenging weather conditions.


Favourable long term contract
StatoilHydro has a awarded a contract with a firm duration of five years, and may extend the duration with up to 5 x 2 years. The contract was awarded in December 2006, but StatoilHydro had up until now to decide the firm contract duration, beyond the minimum duration of three years.

Based on the firm duration of the contract for five years and with full utilization of the unit including mobilization, the value of the contract is estimated to USD 970 million based on today’s currency exchange rate.

The recruitment continues
-This confirmation from StatoilHydro and the value of the contract demonstrates that Aker Drilling is an attractive company in the rig market. This is also reflected in the recruitment process. The feedbacks from qualified applicants have been very positive, and receiving this confirmation makes us even more optimistic about the future, says Mr. Sjøberg.

The manning of Aker Spitsbergen is almost complete, and key personnel for Aker Barents have already been recruited. The total manning will consist of more than 400 employees at the end of 2008. The construction of the rigs is taking place at Aker Kværner’s yard at Stord. Scheduled delivery for Aker Spitsbergen is end of July, and for Aker Barents mid December 2008.

Contact Aker Drilling
Aker Drilling is a wholly owned subsidiary of Aker ASA, and has its headquarters in Stavanger, Norway.

For more information, please contact:
Mr. Geir Sjøberg, President & CEO, Aker Drilling ASA - Telephone (+47) 907 83 083