Akastor ASA: MHWirth has been awarded a drilling equipment contract from Keppel FELS

  • April 05, 2018
  • 14:09
  • Press release
  • Stock exchange release

Reference is made to the stock exchange announcement made on 27 February 2018. MHWirth AS, a company owned by Akastor ASA, has today entered into a contract with Keppel FELS for delivery of the drilling equipment package for a new semisubmersible drilling rig for harsh environment use, with options for further three packages.

The rig will be built for Awilco Drilling PLC (through its fully owned subsidiary Awilco Rig 1 Pte. Ltd) by Keppel FELS Limited of Singapore. Delivery is planned for late Q1 2021. The rig will be equipped and certified for drilling on the Norwegian Continental Shelf, including in the Barents Sea, in water depths up to 5000ft.

"MHWirth is pleased to be selected to take part in this newbuild project, being the first newbuild floater project in the past several years," says Finn Amund Norbye, CEO of MHWirth. "In view of the competitive market and low newbuild activity over the past years, receiving this contract represents an important milestone for MHWirth. We look forward to working closely with Awilco and Keppel FELS."

The contract value for the drilling equipment package, including a mid-water riser package, is approximately USD 100 million. This will be included in the order intake in Q2 2018.

For more information, please contact:

Leif Borge
Chief Financial Officer
Mobile: +47 917 86 291
E-mail: leif.borge@akastor.com

Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.