Marine Log

March 22, 2006

Aker Kvaerner to deliver equipment for Frigstad semi

Harald Frigstad's plans to build ultra deepwater semisubmersibles of the Frigstad D90 design look to be back on track.

The D90 was in the news last year when it was announced that two of the units were to be built at Daewoo at $500 million a copy. In December, though, Daewoo canceled the contract.

Since then, a new Singapore based company--Frigstad Discoverer Invest Ltd--has been listed on the Norwegian OTC market under the symbol FRID, with Harald Frigstad as the CEO. According an OTC market announcement earlier this month, the company has a sixth generation semisubmersible on order at Yantai Raffles.

Aker Kvaerner has now been awarded a contract with Discoverer Invest Ltd for delivery of drilling systems and equipment to a Frigstad D90 ultra deepwater semi-submersible drilling rig. The total contract value for Aker Kvaerner is approximately NOK 450 million about (US$68.7 million).

The drilling package will consist of a dual version of the RamRig, an advanced drilling system developed by Aker Kvaerner. This system enables significantly more efficient drilling operations compared with conventional systems, particularly in deep waters.

"To be once again entrusted to deliver an advanced deepwater rig clearly demonstrates the strength of Aker Kvaerner's MH technology and capabilities within the drilling rig market. This contract marks yet another important reference for us", says Roald Amundsen, President of Aker Kvaerner MH.

The deepwater semi-submersible drilling rig is scheduled for delivery in 2009