Offshore staff

CURITIBA, Brazil -- An $80 million contract for three subsea drilling riser systems was awarded by Queiroz Galvao Oleo e Gas SA of Brazil to Aker Kvaerner.

The contract covers three CLIP riser systems including tools and flotation for water depths of 700 m, 2,000 m, and 2,400 m. Deliveries will be from Aker Dvaerner's facility in Rio das Ostras, Brazil, for delilvery starting in about 2Q07.

The drilling risers are destined for three different rigs. Two of the rigs will operate offshore Brazilian on long-term contracts between Queiroz Galvão and Petrobras. Location of the third rig is to be determined.

10/26/06