Awilco Exercises Option for Jackup Number 7

Awilco Offshore has exercised an option with PPL Shipyard Ltd. to build a 375' jackup with a rated drilling depth of 30,000'. The option was awarded by the yard in the spring of 2004.

The rig is to be delivered in 2Q 2008, and has a contract price with the yard of US $125 million. The delivered cost is expected to be US $132 - $140 million, depending on final agreement on the cost for the drilling equipment.

Awilco Offshore expects to finance the rig with internal funds and debt facilities.

Awilco Offshore has invested in seven jackups which are currently under construction and two accommodation units. The company also holds an option for the construction of one further jackup at PPL Shipyard. In addition Awilco Offshore owns 18.5% of Petrojack ASA and 38% of Offshore Rig Services ASA.

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