Sinvest to Build Fifth Jackup at Keppel FELS

Sinvest ASA has utilized an option to build a fifth rig at Keppel FELS Limited in Singapore.

Sinvest ASA has, through its wholly owned subsidiary Deep Drilling Invest Pte. Ltd., utilized a current option for construction of one additional KFELS Super B Class jackup rig for a contract price of US $139.6 million.

The jackup, now ordered, will be capable of operation in water depths of 350 feet and drilling depths down to 35,000 ft. Delivery will take place in January, 2009.

Sinvest will upon completion of this transaction have five rigs under construction by Keppel FELS Limited.

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