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SAAG Drilling Wins Contract from ExxonMobil

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SAAG Drilling and Well Services Sdn Bhd has been awarded a contract by Exxonmobil Exploration and Production Malaysia Inc ("EMEPMI") for the provision of conventional workover rig equipment and services.

The contract is effective from March 10, 2006 and is for a primary term of one year with two extension options of one year each. The Contract value for the primary term based on a full year operation will be approximately RM 38.1million including mobilization and demobilization fees.

The contract provides for the conventional workover rig, Telaga Usaha to carry out EMEPMI workover program. Telaga Usaha is 100% owned by SDWS, a licensee of Petronas. Telaga Usaha is the only Malaysian owned rig in its category. The rig would be mobilized for the workover program by mid-March 2006.

SDWS is a Malaysian offshore drilling and well services contractor providing its services to the upstream oil and gas sector primarily in the management and operations of workover rig and provision of manpower and other consultancy services.

This award will have a positive contribution to the earnings of the group for the current year.

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