Awilco Lands 5-Year Contract for Newbuild Jackup

Awilco Offshore has entered into a five year bareboat contract with Arabian Drilling Company for the employement of the ultra-premium jackup, WilPower.

The contract value is approximately US $131 million. Arabian Drilling will employ the rig in Saudi Arabia and will be responsible for all operating and local expenses. The rig will commence work under the contract in July 2006.

Following the five-year charter, Arabian Drilling has the option to extend the bareboat charter for a further year for a contract value of approximately US $33 million, also excluding operating expenses.

WilPower is currently under construction at PPL Shipyard in Singapore and is to be delivered in the second quarter of 2006.

Premium Drilling will be responsible for managing the charter.

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