Aker Drilling signs agreement with Statoil

Dec. 8, 2006
Aker Drilling ASA has signed a letter of intent with Statoil ASA, for an advanced drilling unit to work primarily at the Heidrun, Norne, and Åsgard fields in the Norwegian Sea. A final contract agreement is pending approval by the other license participants.

Offshore staff

OSLO, Norway -- Aker Drilling ASA has signed a letter of intent with Statoil ASA, for an advanced drilling unit to work primarily at the Heidrun, Norne, and Åsgard fields in the Norwegian Sea. A final contract agreement is pending approval by the other license participants.

The agreement with Statoil pertains to Aker Drilling's first drilling unit currently under construction, which is scheduled to be ready for field operations in Feb. 2008. Earlier this week, Aker Drilling entered into an agreement with offshore exploration company Aker Exploration on a tentative three-year agreement for the second of the two identical units. Delivery of the second unit is scheduled for Oct. 2008.

The semisubmersible Aker H-6e platforms are designed for drilling in ultra-deepwater under harsh weather conditions in frigid climates. Aker Drilling plans to invest $35 million to meet customer-specific modifications and to equip and outfit the Statoil semi-submersible Aker H-6e drilling unit.

"We meticulously designed these units for operational safety and efficiency, while incorporating capabilities that will be in demand in the time ahead, particularly on the Norwegian Continental Shelf. Across the board, our approach accords with Statoil's objectives," says Geir Atle Sjøberg, president and CEO of Aker Drilling.

"The two contracts we signed this week are for Norwegian Continental Shelf operations. The flexibility afforded by 'local' operations will provide ongoing advantages for our customers and for Aker Drilling," Sjøberg says.

12/08/2006