Odfjell Inks Management Deal for Semisub

Odfjell Drilling has signed a management agreement for the semisubmersible drilling rig Island Innovator owned by Marine Accurate Well ASA – Maracc (OTC MARA). The rig will be ready for operations in Norway 4Q 2012.

Odfjell Drilling CEO Simen Lieungh stated, "We are very pleased to announce this management agreement with Marine Accurate Well
ASA for the Island Innovator. The expansion of the Odfjell Drilling management portfolio is a part of the company growth strategy, and we will actively tender the rig both in Norway and Internationally. The Island Innovator is a drilling and intervention rig perfect for
operations at the NCS among others. We are looking forward to a prosperous and successful collaboration with Marine Accurate Well ASA."

Odfjell Drilling will be responsible for management including crew, quality systems and technical operation. The co-operation will start immediately and Odfjell Drilling will commence mobilization of personnel and crew into the project and the operation.

The rig is currently under completion at Cosco in China. The rig will be ready for operations in Norway 4Q 2012.

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