Contract Executed for Deep Driller 2

Further to the Company's press release on January 2, 2006, a subsidiary of Sinvest ASA (in the Deep Drilling Invest Group) has now executed a drilling contract with Brunei Shell Petroleum Company Sendirian Berhad (BSP). The contract term has been increased from twelve months to a period of sixteen months. BSP has an option to extend the contract term for an additional twelve months. The commercial terms for the additional four months firm period are the same as previously announced; the operating dayrate for the optional period shall be mutually agreed.

The Drilling Contract will, as previously announced, be executed by Premium Drilling using the Deep Driller 2 rig.

The Deep Driller 2 is a KFELS Super B class Jack Up rig is designed to operate in 350ft water depths and drill wells, which have high pressures and temperature regimes. The rig is currently under construction in Keppel FELS Limited shipyard Singapore and will commence the BSP Contract directly upon delivery from the shipyard.

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