Ocean Rig Has a Strong Finish in 2004

During the 4th quarter, Eirik Raude started the drilling of its program for Norsk Hydro and Statoil on the Troll Field and in the Barents Sea. In Angola, Leiv Eiriksson was on contract with BP throughout the quarter. The operational performance was excellent with earnings efficiency at 100% and 99% respectively.

The 4th quarter accounts were affected by the yard stay to upgrade Eirik Raude for the Barents Sea contract. Revenues and costs related to the upgrade and mobilization of the rig are being recognized over the expected lifespan of the Statoil drilling contract currently estimated to last until the end of 2005.

EBITDA for the fourth quarter was US $10.9 million (US $9.4 million), the operating result was US -$1.5 million (US -$0.4 million) and net result was US -$24.6 million (US $10.6 million).

The Executive Chairman, Geir Aune said: "We have started drilling of the first well in the Barents Sea and continue to see strong improvement in the drilling market."
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