Awilco Offshore Exercises Option for Another Jackup

Awilco Offshore ASA has exercised an option with Keppel FELS to build a 400 ft jackup with drilling depth of 30,000 ft.

The rig is to be delivered in the fourth quarter of 2007 at a delivered cost of US $134 million. Delivered cost includes yard price, site supervision, pipehandling equipment, spare parts and finance costs during construction.

Awilco Offshore expects to finance the rig with bank debt and internal funds, i.e. without raising further equity.

Awilco Offshore has, following the ordering of the rig been awarded an option for an additional rig from Keppel FELS.

Awilco Offshore now has four Ultra Premium Jackup drilling rigs under construction with options to build another four units. In addition the company has two accommodation units currently working in the North Sea.

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