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Aker OSCV 06 W1

March 2, 2007

Aker Oilfield orders well interventon vessels

Aker, Aker Kvaerner, Aker Yards and DOF Subsea have established Aker Oilfield Services Ltd. The recently established Aker Innovation initially owns 75% of the new company and DOF Subsea owns 25%.

Aker Oilfield Services has already entered a contract with Aker Yards to build four large well intervention / construction vessels, with an option for another two vessels. There is a cancellation option for the two last fixed vessels.

All vessels will be delivered from Aker Yards sites in Norway. The value of the contract for the four vessels is approximately NOK 4,000 million. The contract is subject to financing.

The vessels are of Aker OSCV 06 WI, a well intervention adaption of Akers OSCV 06 design.

Delivery of the first vessel is scheduled for spring 2010, and the following vessels will be delivered at approximately six months intervals. They will be 157 meters long with a beam of 27 meters, and will be equipped with an active heave compensated crane, ROV, launching systems and a derrick for well intervention purposes.

The vessels will be built to DP Class 3 and Ice Class. They will have a maximum speed of 18 knots--important for global operations in order to minimize mobilization time.

Aker Oilfield Services will offer subsea light well intervention services by means of both riserless and riser-based subsea well intervention systems. It will be a turnkey provider with in-house access to the entire spectrum of hardware, software and personnel required to undertake subsea well intervention operations in water depths up to 2.500m. It is also expected to introduce other value creating services based on technology being developed by Aker Kvaerner, including light, medium and heavy well intervention techniques and light drilling technologies.

Additional services will be provided from Aker Oilfield Services' vessels in co-operation with DOF Subsea and includes cable / umbilical installation services, light subsea construction / maintainance and survey and inspection work.

Aker Oilfield Services has entered into various agreements with Aker Kvaerner covering subsea and well intervention equipment and personnel, and with DOF Subsea for vessel management and a conditional contract for charter of a vessel commencing 2009.

Aker Oilfield Services will have a total funding requirement of around USD 1 billion, financed with a combination of senior bank loan (approx 70 percent), and new equity placed through a private placement (approx. 30 percent).

The initiators intend to subscribe for a substantial amount of the new shares offered in the private placement.

The establishment and financing of Aker Oilfield Services is expected to be completed by mid March 2007.

Aker OSCV 06 W1

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