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Aker Solutions acquires managed pressure drilling specialist Managed Pressure Operations (MPO)


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-02-27 08:10:26 -

27 February 2013 - Aker Solutions has acquired Managed Pressure Operations
International, Ltd. (MPO), a company that has successfully developed the next
generation of continuous circulation, riser gas handling and managed pressure
drilling systems.

The acquisition places Aker Solutions at the forefront of technology development
in the market for managed pressure drilling (MPD) which is seen as a key
technology enabling better drilling performance and safety. MPO has also
developed a new generation riser gas handling system to capture and safely
handle gas in the riser.

The company currently employs 100 people in operating subsidiaries in Singapore,
Dubai, Jakarta and Houston. These will join Aker Solutions' more than 3 000
drilling technologies experts all over the world. MPO's revenues are expected to
continue to increase sharply in the coming years, from revenue 
of around US $30 million in 2012. "MPO has proven technically-superior products and the ability to adapt and cater to a client's specific needs. We are pleased to include their offerings in Aker Solutions' portfolio of products, systems and services. The company has a solid reputation as both a product and a service provider, and already provides services to major drilling contractors and oil companies," said Thor Arne HÃ¥verstad, head of Aker Solutions' drilling technologies business. Safe and efficient MPO provides in-depth knowledge and technologies within the emerging MPD segment. The main rationale for using managed pressure drilling is to improve safety and efficiency, enable access to new fields with challenging drilling conditions, and enhance the life of mature fields. Aker Solutions aims to integrate the MPO MPD system in its rig design and will supply the equipment as part of complete drilling packages to offer clients state of the art solutions. "Managed pressure drilling is a key safety technology for exploration drilling, high pressure high temperature prospect development, ultra deepwater of pre-salt carbonate reservoirs, as well as a drilling efficiency tool when used consistently like other game changing technologies like the top drive," says Charles Orbell, who co-founded MPO in 2008. MPO's riser gas handling system will improve the safety and performance of current floating rig drilling technologies. "Currently, deepwater exploration drilling is exposed to challenges related to the issue of small gas volumes with high pressure flowing into the riser and escalating through the riser to the surface, causing potentially dangerous 'gas- kicks'. MPO has developed a riser gas handling system that includes a quick closing annular blow-out preventer connected to the top of the riser, which can capture and safely transfer this gas off the rig," said Christian Leuchtenberg, co-founder and chief technology officer of MPO. The transaction has been closed. ENDS For further information, please contact: Media: Ivar Simensen, Acting Chief Communication Officer, Aker Solutions. Tel: +47 67 59 41 90, Mob: +47 46 40 23 17, E-mail: ivar.simensen@akersolutions.com Investor relations: Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 91 13 71 94, E-mail: lasse.torkildsen@akersolutions.com Suppliers: For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers Career opportunities: Visit www.akersolutions.com/careers Aker Solutions provides oilfield products, systems and services for customers in the oil and gas industry world-wide. The company's knowledge and technologies span from reservoir to production and through the life of a field. Aker Solutions brings together engineering and technologies for oil and gas drilling, field development and production. The company employs approximately 27 500 people in more than 30 countries. We apply the knowledge and create and use technologies that deliver our customers' solutions. Aker Solutions ASA is the parent company in the group, which consists of a number of separate legal entities. Aker Solutions is used as the common brand and trademark for most of these entities. In 2011 Aker Solutions had aggregated annual revenues of approximately NOK 36.5 billion. The company is listed on the Oslo Stock Exchange. This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Aker Solutions ASA via Thomson Reuters ONE [HUG#1681336]


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