Thule Drilling Receives LOI for Thule Power

Thule Drilling has received a letter of intent from one of the major national oil companies in the Middle East for the Thule Power jackup. The LOI is subject to final terms and conditions and is expected to be finalized by the end of February 2006.

The contract is for a fixed duration of five years. The Thule Power has been chartered out on a bareboat basis with a bareboat hire income to Thule Drilling of US $80,000 per day for the duration of the contract. This rte represents a drilling dayrate of approximately $120,000.

The Thule Drilling management and board are very satisfied with this achievement which in relation to the total reconstruction cost of US $80 million including contingency, represents a 2.7-year payback on the investment.

Thule Drilling will also receive a mobilization fee with a net contribution of about US $3 million. The end user has accepted a delivery window of early July to November 2006. Odd Hagen at O-J. Libaek & Partners has acted as broker for Thule Drilling.

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