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“SS Frigstad Oslo” - Contract awarded to Aker Kvaerner MH

Frigstad Discoverer Invest Limited has awarded a contract to Aker Kvaerner MH for delivery of a Ramrig drilling package

Frigstad Discoverer Invest Limited has signed a contract with Aker Kvaerner MH for the delivery of drilling systems and equipment to the company's D90 ultra deepwater semi-submersible drilling rig.

Frigstad Discoverer Invest Ltd has finalized and signed a contract with Aker Kvaerner MH for the delivery of drilling systems and equipment to the company's D90 ultra deepwater semi-submersible drilling rig. "We selected Aker Kvaerner MH for their proven experience of high efficient drilling systems," says Harald Frigstad, CEO of Frigstad Discoverer Invest Ltd. The total contract amount of USD 72.2 million reflects an expansion of the scope of Aker Kvaerner's deliverables, with a corresponding reduction in costs related to owner furnished equipment of USD 5.1 million, as well as a general increase in the market prices for such equipment since the signing of the letter of intent with Aker Kvaerner MH.

This price increase was accounted for in the Company's budgeted contingencies and we are pleased with the terms in the contract now approved by the board of Aker Kvaerner MH.