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Major drilling equipment contract to Aker Kvaerner

May 6, 2007

Aker Kvaerner has been awarded a contract from Jurong Shipyard Pte. Ltd in Singapore for delivery of a drilling system for an ultra deepwater drilling semi-submersible unit. The total contract value for Aker Kvaerner is approximately USD 160 – 180 million, including 3rd party deliveries of approximately USD 95-110 million.

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