Aker Kvaerner has been awarded a contract by China National Offshore Oil Corporation (CNOOC) for delivery of drilling equipment and system for an ultra deepwater drilling semisubmersible unit. The contract value for Aker Kvaerner is approximately USD 128 million.

"This first delivery of drilling equipment systems into the Chinese offshore market is a breakthrough for Aker Kvaerner. We are very pleased that CNOOC has chosen us and are committed to execute this project to a high quality and on schedule", says Mads Andersen, executive vice president in Aker Kvaerner.

The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work is to deliver drilling equipment package, installation and commissioning supervision.

"This contract proves Aker Kvaerner MH's competitiveness and our reputation as a dependable and experienced supplier of drilling equipment packages", says Roald Amundsen, President of Aker Kvaerner MH.

This delivery is similar to previous drilling equipment packages delivered from Aker Kvaerner MH and will be a highly efficient system designed for deep water operations. The drilling rig will be the most advanced semisubmersible drilling rig designed for use in Chinese waters.

The ultra deepwater drilling rig is scheduled for delivery early 2011.