Premium Drilling Receives LOI for Deep Driller 2

A subsidiary of Sinvest ASA (in the Deep Drilling Invest Group) and Premium Drilling have agreed to a Letter of Intent to enter into a contract with Brunei Shell Petroleum Company Sdn. Bhd. for a drilling contract offshore Brunei Darussalam. The work will mainly be conducted on demanding high pressure (15,000 psi) wells and the contract term is for a period of minimum one year commencing in a window between the third quarter of 2006 and the first quarter of 2007.

The drilling contract will be performed by Premium Drilling with the unit Deep Driller 2 or Deep Driller 1.

The Deep Driller 2 is a new KFELS Super B class jack up drilling unit designed to work with extreme high pressures and temperature regimes in up to 350 ft water depths. The unit is currently being built at Keppel FELS Limited's shipyard in Singapore.

The estimated gross proceed from operations under the contract is around US $66 million.

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