Aker Solutions Names New Head of Geo Business

- Aker Solutions Names New Head of Geo Business

Monday, August 29, 2011
Aker Solutions

Aker Solutions has appointed Bengt Larssen as head of its geo business.

Mr. Larssen has since February 2010 been with Aker Solutions' geo business as vice president exploration. Prior to Aker Solutions he has spent 16 years in various management positions at Schlumberger/Western Geco, operating as geophysicist on both the exploration and production side of the business. He has also spent two years at Tromsø-based oil company Front Exploration AS.

Mr. Larssen, who will be based in Stavanger, Norway, holds a masters degree in geology from the University of Oslo. He starts in his new role on September 1, 2011.

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Aker Solutions Scores Drilling Equipment Contract for DSME

- Aker Solutions Scores Drilling Equipment Contract for DSME

Friday, August 26, 2011
Aker Solutions

Aker Solutions has received a Letter of Award from Daewoo Shipbuilding & Marine Engineering (DSME), to supply two drilling equipment packages to the new 'Cat D' drilling rigs the yard is building for the rig operator Songa Offshore. Options (if exercised) for two additional units are included. Contract value is undisclosed.

The development of the two Cat D semi-submersible drilling rigs has been initiated by Statoil, the international energy company, which awarded two long-term contracts for the units to Songa in July 2011.

The first two units will be delivered in 2014, and the main deliveries from Aker Solutions will take place in 2012 and 2013. The contract includes topside drilling equipment, procurement and commissioning of the rigs at the DSME yard. The two optional units (if exercised) are scheduled for completion in 2015.

"We are very pleased to win these contracts, which demonstrate the good cooperation between Statoil and the drilling operators and drilling system providers. Together, we have developed a new generation drilling and well intervention design, purpose made for the needs for North Sea operations, through a joint FEED (front end engineering and design) phase. We are also looking forward to continuing the good, long-term collaboration with DSME on this project, the latest addition to a long string of successful joint projects," said Thor Arne Håverstad, head of Aker Solutions' drilling technologies business.

Work on the project will start immediately in Kristiansand, Norway, and in other Aker Solutions drilling technologies units in Asker, Norway, Erkelenz, Germany and Houston in the US.

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Transocean Bid Gets Green Light from Aker Investors

- Transocean Bid Gets Green Light from Aker Investors

Friday, August 26, 2011
Transocean Ltd.

Transocean Services, a wholly owned subsidiary of Transocean, after receiving clearance by the Oslo Stock Exchange, launched its all cash voluntary offer (the "Offer") for 100 percent of the shares of Aker Drilling ASA ("Aker Drilling") for NOK 26.50 per share. The Offer has been made on the same terms as the previously announced voluntary offer, except that it has been made on an unconditional basis and with settlement guaranteed by a financial institution.

The Offer period begins August 26, 2011 and ends on September 23, 2011 at 11:30 a.m. (EDT), 5:30 p.m. (CEST). To date, Transocean and its affiliates have acquired 13.7% of the shares and votes in Aker Drilling, and shareholders representing 59.5% of the total share capital of Aker Drilling have given their unconditional and irrevocable pre-acceptances to the Offer.

The Offer document has been reviewed and approved by the Oslo Stock Exchange in accordance with Section 6-14 of the Norwegian Securities Trading Act. The document will also be sent to the shareholders of Aker Drilling, subject to restrictions under applicable securities laws.

The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions. Transocean assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

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Transocean Launches All Cash Voluntary Offer For Aker Drilling

- Transocean Launches All Cash Voluntary Offer For Aker Drilling



Aug 26, 2011

Transocean (NYSE:RIG) announced after receiving clearance by the Oslo Stock Exchange, that it launched its all cash voluntary offer for 100% of the shares of Aker Drilling for 26.50 Kroner per share. The offer has been made on an unconditional basis and with settlement guaranteed by a financial institution.

Transocean has a potential upside of 51.7% based on a current price of $51.47 and an average consensus analyst price target of $78.07.

Transocean is currently below its 50-day moving average (MA) of $59.22 and below its 200-day MA of $70.28.

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Aker Solutions Brazil Appoints New Subsea President

- Aker Solutions Brazil Appoints New Subsea President

Friday, August 19, 2011
Aker Solutions

Egil Boyum has been appointed president of Aker Solutions' subsea business in Brazil. Boyum, a Norwegian citizen, has been employed by Aker Solutions since 1984 and has held a range of management roles during this time.

"We have doubled the business since 2008 and need to strengthen our management capabilities to facilitate the continued growth. Hence we have recently recruited several new managers in Brazil and most recently, Egil Boyum, who is one of our most experienced managers," said Mads Andersen, executive vice president of Aker Solutions' subsea business area.

Boyum is an industry veteran and has held a wide range of roles from technical positions in his early career to being global head of operations, heading up global aftermarket and SVP of subsea systems. Boyum's current role of SVP involves heading up the win and client relationship function of major subsea products in Aker Solutions.

Boyum will replace Marcelo Taulois who has been leading Aker Solutions' Brazilian business since 2001. Taulois has developed new market opportunities through the three Brazilian hubs in Curitiba, Rio das Ostras and Rio de Janeiro and has also been a key player in the successful implementation of Aker Solutions' global policies and strategies within these regions. Aker Solutions will now look for other opportunities for Taulois within the company.

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Aker Solutions to Create 500 UK Jobs Next Year

- Aker Solutions to Create 500 UK Jobs Next Year

Friday, August 19, 2011
Aker Solutions

Aker Solutions aims to create 500 new UK jobs over the next year. In a bid to grow its business substantially, Norway-listed Aker Solutions is set to recruit 300 staff to its Aberdeen operation and create 200 positions at the company's newly established west-London engineering office.

The move follows a successful start to the year for the oil and gas engineering and technology services company, which has increased its order backlog by 19 percent since January 1st. It said that market outlook for both the UK and Norwegian North Sea as well as Brazil, West Africa and Asia Pacific remains strong.

"Last year we decided to take a much more proactive recruitment approach. Since then our strategy has been to man up ahead of the big waves of work that we know are coming. That offers much greater predictability for our customers and ourselves," said Alan Brunnen, a managing director with Aker Solutions in Aberdeen. The company aims to recruit 300 new employees in Aberdeen alone.

The majority of positions in Aberdeen are for the subsea technology business where 200 new posts will be created. A further 70 positions are being recruited to support work for maintaining and upgrading North Sea oil platforms in order to extend their field life. Aker Solutions' well service business, which provides technologies and services aimed at increasing oil recovery from producing wells, requires a number of technical and ancillary personnel. As does the drilling technology business, which provides drilling systems and life-cycle services to support new generation drilling assets that are entering the UK North Sea.

New London office

By tapping into the London oil and gas market, Aker Solutions in the next year aims to hire approximately 200 engineering personnel to its new London offices with a target of 500 by the end of 2015. Located in Chiswick Park, this global engineering hub will support field development projects for the North Sea and worldwide.

"Our company has had a historical presence in London, so this is a re-entry to an engineering market we know very well. So far we have received more than 2 000 job applications, which underlines that there is scope to grow this business rapidly," said Valborg Lundegaard, head of engineering in Aker Solutions.

Alan Brunnen added, "We anticipate that workload levels will remain high over the coming years, which is why we are staffing up our UK organization now. We want to be well placed to capitalize on future opportunities that arise in our markets".

Aker Solutions is one of Scotland's largest employers with a workforce of more than 2 500 people. In addition the company has smaller offices and facilities in Great Yarmouth, Maidenhead, Stockton-on-Tees and Whitstable. The company employs 17 000 employees plus 6 000 contract staff in 30 countries worldwide, and has annual revenues of approximately GBP 3.9 billion.

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Tranocean to Buy Aker Drilling for $1.4B

- Tranocean to Buy Aker Drilling for $1.4B

Monday, August 15, 2011
Transocean Ltd.

Transocean announced an all cash voluntary offer for 100 percent of the shares of Aker Drilling for NOK 26.50 per share. The Board of Directors of Aker Drilling has unanimously recommended that its shareholders accept the Offer.

On August 14, 2011, Transocean entered into an irrevocable agreement with Aker Capital AS to acquire 41 percent of the outstanding shares of Aker Drilling through (a) the purchase of 14,959,740 shares by an affiliate of Transocean, representing 4.99 percent of the outstanding shares, and (b) a pre-commitment agreement for the remaining 107,873,858 shares, representing 36.1 percent of the outstanding shares, to be purchased by Transocean pursuant to the Offer. In addition, Transocean has received irrevocable pre-commitments of 19.5 percent of the outstanding shares of Aker Drilling from other shareholders, including funds managed by TPG-Axon Capital, bringing the total irrevocable commitments to 60.5 percent of the Aker Drilling outstanding shares.

The Offer price indicates an equity market capitalization of approximately NOK 7.93 billion, or $1.43 billion, assuming an exchange rate of NOK 5.53 to USD 1.00, which represents a 62 percent premium to Aker Drilling's 30-day average price of NOK 16.39 per share. Additionally, Aker Drilling has net debt of $0.80 billion.

Aker Drilling operates two harsh environment, ultra-deepwater, sixth-generation semi-submersible rigs currently on long-term contract to Statoil and Det Norske in Norway. In 2013, Aker Drilling is expected to take delivery of two sixth-generation drillships currently under construction at the DSME shipyard in Korea. The payment obligation when the drillships are delivered is $0.90 billion.

Aker Drilling will contribute approximately $1.05 billion in firm contract backlog. The transaction is also expected to be immediately accretive to Transocean's earnings.

Steven Newman, President and Chief Executive Officer of Transocean Ltd., said, "Aker Drilling is an excellent strategic fit for Transocean. It allows us to enhance our position in Norway where we have enjoyed a long-term presence and excellent customer relationships. Aker Drilling's high-quality people and state-of-the-art offshore drilling fleet will ensure that we continue to deliver outstanding service to our customers. This transaction also demonstrates our commitment to enhancing shareholder value by continuing to invest in high-specification assets to drive long-term growth."

Timing and Conditions

The complete details of the Offer, including all terms and conditions, will be contained in an offer document to be sent to Aker Drilling shareholders subject to the review and approval by the Oslo Stock Exchange pursuant to Chapter 6 of the Norwegian Securities Trading Act.

If approved, the Offer document is expected to be sent to Aker Drilling shareholders the week of August 21, 2011. The initial duration of the Offer period will be 20 U.S. business days. In the event the conditions of the Offer are not satisfied or waived by Transocean, the Offer will expire.

The Offer will not be made in any jurisdiction in which it would not be in compliance with the laws of such jurisdiction. This notification does not in itself constitute an offer. The Offer will only be made on the basis of the Offer document and can only be accepted pursuant to the terms of that document.

The Offer will be conditional upon Transocean receiving acceptances for a minimum of two-thirds of the voting shares of Aker Drilling, and the Aker Drilling Board recommendation not being withdrawn or amended. Both of these conditions are waivable by Transocean. The Offer is not subject to any financing conditions.

Morgan Stanley and Fearnley Fonds / Fearnley Offshore are acting as financial advisors to Transocean Services and Wikborg Rein is acting as legal advisor to Transocean Services.

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Aker Solutions 2Q Earnings Lower Than Expected

- Aker Solutions 2Q Earnings Lower Than Expected

Friday, August 12, 2011
Aker Solutions

Aker Solutions' operating revenues in the second quarter of 2011 were NOK 7.8 billion. Earnings before interest, tax, depreciation and amortization amounted to NOK 636 million. Order intake in the quarter was NOK 14.3 billion.

"We have a strong order intake which reflects high tendering and activity levels across all business segments. In fact, our order backlog has increased 19 percent since the beginning of the year. This is in line with our long term growth plan. However, this quarter has also provided us with some reminders about the importance of further improving our operational performance," said Øyvind Eriksen, executive chairman of Aker Solutions.

Second quarter consolidated revenues was NOK 7 809 million, compared with NOK 8 096 million in the same period in 2010. EBITDA for the second quarter of 2011 was NOK 636 million (8.1 percent EBITDA margin), compared to NOK 853 million one year ago. Profits in the quarter were negatively affected by execution challenges and the final arbitration ruling on Blind Faith.

"In the second quarter quality costs related to execution issues in Brazil alone amounted to NOK 130 million in our Subsea and Process Systems businesses. With quality and customer satisfaction as two of our top priorities, this is obviously disappointing," Eriksen said.

Order intake in the second quarter was NOK 14.3 billion. At the end of the second quarter Aker Solutions' order backlog was NOK 46 billion - an increase of NOK 5.5 billion from the previous quarter.

During the second quarter Aker Solutions concluded the structural changes outlined at the company's capital markets day in December 2010. The final step was the demerger and separation from specialized EPC contractor Kværner ASA.

"Today Aker Solutions is a pure oil service player focusing on engineering, technology, products and field-life solutions. We have a strong cash position fueled by solid earnings and gains from strategic divestments. We will convert our financial strength to capacity with the aim of facilitating further growth. However, we will also ramp up our efforts of building a stronger quality culture to further improve our day-to-day operations," said Øyvind Eriksen.

"Our growth plans are ambitious and we need qualified people to meet these objectives. In the first half of 2011 we have hired almost 1 200 new colleagues worldwide. I am pleased to see that so many new colleagues share our technology vision and company values," adds Eriksen.

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Aker Bags Umbilical Gig for Endeavour's E. Rochelle Proj.

- Aker Bags Umbilical Gig for Endeavour's E. Rochelle Proj.

Thursday, July 21, 2011
Aker Solutions

Aker Solutions has signed a contract with Endeavour Energy UK, a subsidiary of Endeavour International Corporation, to supply subsea umbilicals and associated equipment for the East Rochelle development project located offshore UK. The contract value is approximately NOK 83 million (USD 15 million).

Aker Solutions will supply one 30 kilometer infield control umbilical and one 650 meter riser umbilical that will provide all system functions for the Rochelle field. Subsea umbilicals are deployed on the seabed to supply necessary control and chemicals to subsea oil and gas wells, subsea manifolds and any subsea system requiring a remote control.

The East Rochelle development project comprises of block 15/27 in the Central North Sea, and represents the first phase of the development of the Rochelle area. Endeavour is the operator of East Rochelle.

"We are very pleased to sign our first contract with Endeavour Energy UK. This is an important award for Aker Solutions and confirms our strong position in the umbilical market globally," said Tove Røskaft, senior vice president of Aker Solutions' umbilical business.

Engineering of the umbilicals will be managed out of Aker Solutions' facility in Oslo, Norway, and the umbilicals will be manufactured at Aker Solutions' facility in Moss, Norway. Final deliveries will be made in 2012.

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Aker Awarded FEED Study at Statoil's Mariner Field

- Aker Awarded FEED Study at Statoil's Mariner Field

Tuesday, July 12, 2011
Aker Solutions

Aker Solutions has won a contract to conduct the topside FEED (front-end engineering and design) study for Statoil on the Mariner field on the UK continental shelf in the North Sea. The contract value is approximately NOK125 million.

The study will be delivered in the summer of 2012, after which the customer may proceed with the final investment decision.

"We are pleased to have won another important topside FEED study from Statoil. The Mariner field presents an exciting opportunity on the UK shelf, which suits our strategy of boosting our presence in the UK further," said Valborg Lundegaard, executive vice president of Aker Solutions' engineering business.

The engineering and design work will be carried out from Aker Solutions' engineering hub in Oslo, together with engineers from the drilling technologies business in Kristiansand, Norway.

Aker Solutions is also strengthening its UK engineering capacity, hiring experienced engineering professionals to its London office, which could offer future support for the Mariner project.

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Aker to Provide Subsea Equipment for MWCC Containment System

- Aker to Provide Subsea Equipment for MWCC Containment System

Wednesday, July 06, 2011
Aker Solutions

Aker Solutions has been selected for the design, procurement, and fabrication of the subsea containment and diverter assembly for the expanded containment system being developed by Marine Well Containment Company (MWCC). Contract value is undisclosed.

Marine Well Containment Company (MWCC) is a not-for-profit, stand-alone organisation committed to improving capabilities for containing a deepwater well control incident in the U.S. Gulf of Mexico. Members include ExxonMobil, Chevron, ConocoPhillips, Shell, BP, Apache, Anadarko, BHP Billiton, Statoil and Hess.

MWCC's expanded containment system is being engineered for use in the U.S. Gulf of Mexico in water depths up to 10 000 feet (3 000 meters) and will have the capacity to contain 100 000 barrels of liquid and 200 million cubic feet of gas per day and is designed for a 15 000 psi maximum working pressure.

"We are pleased to assist MWCC in the development of its expanded containment system," said Erik Wiik, President, Subsea North America, Aker Solutions. "This is also a testament to the experience and performance of Aker Solutions' employees in Houston, Texas."

Aker Solutions will provide the subsea containment assembly equipped with a suite of adapters and connectors to interact with various interface points consistent with the well designs and equipment typically used by oil and gas operators in the U.S. Gulf of Mexico.

Engineering and project management for the containment and diverter assembly will be provided from Aker Solutions' Houston office. Aker Solutions' contract party is Aker Subsea Inc.

The contract has been signed and booked as order intake in 2Q 2011.

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Aker Solutions Secures Drilling Riser Contract

- Aker Solutions Secures Drilling Riser Contract

Monday, July 04, 2011
Aker Solutions ASA

Aker Solutions has been awarded a contract for the delivery of a deepwater drilling riser system to the DSME shipyard in South Korea. The riser package will be delivered to offshore drilling company Atwood Oceanics' drill ship. The contract value is approximately USD 50 million and includes an option for another two units.

The 10 000 ft deepwater drilling riser system will be manufactured and delivered out of Aker Solutions' manufacturing plant in Port Klang, Malaysia. Delivery of the first drilling riser system is scheduled for June 2013.

"We are very pleased that DSME once again decided to purchase an Aker Solutions CLIP riser system," said Thor Arne Håverstad, executive vice president of Aker Solutions' drilling technologies business. "This is the sixth drilling riser contract we are signing with DSME and we are very pleased to continue the good relationship with them."

Aker Solutions currently has 15 drilling riser systems in operation, of which six complete drilling riser systems have been delivered this year.

"I am pleased to see that we are able to deliver another deepwater CLIP riser to our returning customers. These achievements are the results of the CLIP risers' operational advantages, our technology expertise and service offering in the deepwater drilling market," says Tom Munkejord, president of Aker Solutions' drilling riser business.

Aker Solutions offers complete drilling equipment packages, including project management, conceptual design, detailed engineering and procurement. We provide the full range of topside drilling equipment and systems, and worldwide customer support through our global drilling life-cycle services organization.

The contract has been signed and booked as order intake in 2Q 2011.

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Aker Buys Majority Stake in Norwegian Subsea Duo

- Aker Buys Majority Stake in Norwegian Subsea Duo

Wednesday, June 29, 2011
Aker Solutions

Aker Solutions has acquired 70 percent of the Norwegian companies Ing. Harald Benestad AS (Benestad) and Phaze Technologies AS.

Benestad and Phaze Technologies, founded and owned by Harald, Pål and Randi Benestad, are well established globally in the subsea industry and have been among the key suppliers to Aker Solutions as well as other major subsea companies for a number of years. Both companies are located in close proximity to Aker Solutions' subsea technology and manufacturing centre in Lier, Norway, and employ 33 people and with a 2010 operating revenue of NOK 49 million (USD 9 million).

Benestad, a highly specialized materials science company, delivers high technology products for hostile, extreme pressure and high temperature subsea environments. All subsea instruments and power consumers require leak free connections through pressure housings and Benestad's power and signal penetrators are viewed by Aker Solutions as the best quality with the highest functionality in the industry.

Phaze Technologies provides advanced and reliable instruments for hydrocarbon leak detection, water leak detection, pressure and temperature measurements and water cut metering. The market for such products is growing as a consequence of more stringent environmental regulations and optimization of production from subsea fields.

"Benestad and Phaze Technologies have unique competence and experience within their fields and a strong commitment to developing leading edge and extremely reliable products. They have very strong technological expertise which will significantly broaden and deepen Aker Solutions' competence base," said Mads Andersen, executive vice president of Aker Solutions' subsea business area.

Pål Benestad, chairman of Benestad and Phaze, said, "Aker Solutions share our vision to be the preferred partner to our existing and new customers. Innovative solutions based on strong technological know-how will remain our focus area going forward and access to Aker Solutions' customers and regional network will enable further growth for both Benestad and Phaze."

Both companies will continue to operate as independent companies with existing management and brands servicing a broad range of long standing clients.

Completion of the agreement is subject to clearance by Norwegian competition authorities. The transaction value is undisclosed.

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Aker Signs 3-Year Frame Agreement with Eni

- Aker Signs 3-Year Frame Agreement with Eni

Tuesday, June 21, 2011
Aker Solutions

Aker Solutions' geo business has signed a three-year frame agreement with Eni Norge AS to supply sub-surface consultancy services within the areas of geology, geophysics, petrophysics, reservoir technology, well site and operations geology. Contract value is undisclosed.

The agreement is valid a period of three years. In addition, Eni Norge has options to extend the agreement with three one-year periods.

"This is an important contract for us with an oil company that has great ambitions for its activities in Norway," said Helge Nyrønning, head of sales and marketing in Aker Solutions' geo business.

"We are currently experiencing significant growth in demand for our services on the Norwegian continental shelf, which remains a highly attractive offshore market. To be awarded long-term frame agreements like this demonstrates that we possess the expertise that is needed to support oil companies with their exploration and field development work," added Nyrønning.

Aker Solutions' sub-surface consultancy business delivers services through the whole subsurface value chain, from exploration to production. The unit comprises a team of 70 geologists, geophysicists and reservoir engineers. Its main fields of activity are geological and geophysical interpretation, petrophysics, reservoir modeling and simulation, well site geology as well as production technology and operations.

Aker Solutions' contract party is Aker Geo AS.

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Statoil Awards Aker EPCI Contract for Asgard Field

- Statoil Awards Aker EPCI Contract for Asgard Field

Monday, June 20, 2011
Statoil

Statoil has awarded Aker Solutions an engineering, procurement, construction and installation (EPCI) contract for subsea compression topside modifications on the Asgard field.

The Åsgard license has decided on a concept involving gas compressors installed on the seabed, so-called subsea gas compression. The purpose of the modification is to supply electricity to the Åsgard subsea compressor units, which will be installed in 2013.

Åsgard is the first installation worldwide to employ subsea gas processing involving gas compression and this represents an important technological step change in the development of fields in deep and demanding waters and creates exciting opportunities for the industry.

"This modification work is important for the development of gas compression on subsea installations. Aker Solutions has earlier been awarded the contract for developing the full scale subsea compression system. We look forward to working together with them in more aspects of the Åsgard development," said vice president of project procurement in Statoil, Vidar Martin Birkeland.

Scope of work includes building and installing an 800 tonne new module and integration work on the Åsgard A and B platforms in the North Sea. Delivery is set for 4Q 2014. Estimated contract value is approximately NOK 650 million.

"This is an important measure to extend the producing life of the Åsgard A platform, which will in turn increase recovery from the existing field. Subsea gas compression is a technology approach which can boost recovery rates and lifetimes for several gas fields," said Astrid Jørgenvåg, vice president for Åsgard production in Development and Production Norway in Statoil.

The contracts for pipelines, marine operations and other major procurement items in connection with the Åsgard development will be awarded in the course of the year.

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Aker Briefs on Blind Faith Ruling

- Aker Briefs on Blind Faith Ruling

Friday, June 17, 2011
Aker Solutions

The final ruling has been delivered in the proceedings between subsidiaries of Aker Solutions and Chevron concerning delivery of the Blind Faith platform. The platform was installed in the Gulf of Mexico and started production in 2008. The ruling will result in a recordable loss of approx NOK 220 million for Aker Solutions in the second quarter 2011. The net cash effect is estimated at USD 10 million negative.

The financial effects described above will be divided between subsidiaries of Aker Solutions and Kvaerner, with 25 percent to Aker Solutions and 75 percent to Kvaerner.

The arbitration hearing took place in January and February 2011. A subsidiary of Kvaerner (upon consummation of the ongoing demerger from Aker Solutions) initiated arbitration proceedings regarding compensation for various changes to the work and associated acceleration work. Chevron U.S.A. Inc. presented various warranty claims and other claims against Aker Solutions.

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Aker Wins Daewoo Contract for New Deepwater Drillship

- Aker Wins Daewoo Contract for New Deepwater Drillship

Friday, June 17, 2011
Aker Solutions

Aker Solutions has won a contract from Daewoo Shipbuilding & Marine Equipment to supply a complete drilling equipment package for a new deepwater drillship.

The contract is worth about NOK 540 million. The drill ship will be owned and operated by Tungsten Explorer Company, a subsidiary of Vantage Drilling.

"We are very pleased to have won another contract to deliver our deepwater drilling equipment and systems, which underlines our strong and fruitful relationships with the yard and the team at Vantage Drilling," said Thor Arne Håverstad, executive vice president and head of Aker Solutions' drilling technologies business.

Bill Thomson, VP Assets and Engineering at Vantage Drilling said, "We appreciate the commitment by Aker Solutions to provide a drilling package that meets and exceeds our expectations. This will be the seventh drilling package from Aker Solutions that Vantage will be involved in. As such Aker Solutions' commitment to deliver not only an excellent service during the construction but to provide a first-class customer service when in operations is important to the success of Vantage Drilling."

The equipment will mainly be delivered in 2012.

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Aker to Supply Subsea Production Control Umilicals for Chevron

- Aker to Supply Subsea Production Control Umilicals for Chevron

Tuesday, May 31, 2011
Aker Solutions

Aker Solutions has been selected to supply three subsea production control umbilicals for the Chevron operated Jack & St. Malo field developments in the Gulf of Mexico. Contract value is undisclosed.

The production control umbilicals will provide hydraulic, electrical and fiber optic service to the Jack and St. Malo subsea fields. Scope of work includes three electro-hydraulic steel tube production umbilicals totaling 40 miles (65 kilometers). Engineering, project management, and manufacturing will take place at Aker Solutions' state-of-the-art umbilical facility in Mobile, Alabama. The three umbilicals will be used at Chevron's Jack & St. Malo field, located in the Walker Ridge Area of the Gulf of Mexico in water depths of approximately 7,000 feet (2,100 meters).

"Aker Solutions is excited to see Chevron come back to us with a repeat order and is proud to contribute to this very important project for Chevron and for the Gulf of Mexico region," said Erik Wiik, President - Subsea North America, Aker Solutions.

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Aker Solutions Wins Rig Pair

- Aker Solutions Wins Rig Pair

Monday, May 30, 2011
Aker Solutions

Aker Solutions has won two contracts to supply complete drilling equipment packages for two new deepwater drilling units that are being built by Cosco, the Chinese shipbuilding company.

The combined value of the contracts is about $195 million, and includes options for a further two units.

"These contracts underline our attractive offering in the deepwater drilling market. Current tender activity is high, and we are pleased to see that our position in the deepwater market is competitive," said Thor Arne Håverstad, executive vice president and head of Aker Solutions' drilling technologies business.

The equipment will be delivered to both units during 2012 and 2013.

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Aker to Supply Offloading Systems in Brazil

- Aker to Supply Offloading Systems in Brazil

Thursday, May 26, 2011
Aker Solutions

Aker Solutions has won two similar contracts, together worth approx. 120 million NOK, from CQG Oil & Gas Contractors Inc. and CCI Oil & Gas Contractors Inc., for the supply of Pusnes offloading systems (TM) to two FPSOs in the Brazilian market.

The offloading systems will be installed on the two FPSOs P-58 and P-62, which are being converted and built for Petrobras.

The two FPSOs are spread moored FPSOs, and will use the field proven Pusnes offloading system (TM) at both bow and aft ends. These offloading systems include tanker mooring and crude oil transfer components as well as emergency offloading stations. Crude oil from the FPSOs will be loaded on to dedicated dynamic positioned shuttle tankers. Aker Solutions last year secured the mooring contracts for the same FPSOs.

The Pusnes offloading system (TM) is recognized by the industry for having established an environmentally responsible, safe and secure connection from the FPSO via a crude oil hose to the dynamic positioned shuttle tanker's bow loading system. In the event of an emergency, the oil flow can be quickly stopped and the vessels disconnected rapidly and safely.

"Aker Solutions' mooring and loading systems have attained a unique position in Brazil. We have signed more than a dozen contracts for various clients in Brazil," said Leif Haukom, head of Aker Solutions' mooring and loading systems business.

As previously communicated, Aker Solutions is also supplying Pusnes mooring systems (TM) to P-58 and P-62, under the terms of a contract with Petrobras.

Delivery of the offshore loading systems to P-58 and P-62 FPSOs will take place in 2011/2012. The contract party for Aker Solutions is Aker Pusnes AS.

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