Frigstad Discoverer Invest Strengthens Organization

Frigstad Discoverer Invest Ltd. has appointed Erik Gloersen as its new chairman. Parallel to this, Bjorn C. Jacobsen has been employed as CFO. The semisubmersible rig under construction at the Yantai Raffles Shipyard, China, has been named "Frigstad Oslo" and the project is running according to plan.

We are very pleased to have attracted such experienced rig and shipping professionals as Mr. Gloersen and Mr. Jacobsen. Through them, Frigstad Discoverer Invest has secured valuable competence and experience which will be central to building the company, says Frigstad Discoverer Invest's CEO Harald Frigstad.

Erik Gloersen is an independent investor and is amongst other roles Chairman of the Board of marine insurer Skuld. Mr. Gloersen has considerable rig and shipping experience, having for the past 25 years held numerous senior positions.

In addition to Mr Gloersen, Frigstad Discoverer Invest's board of directors consists of Aage Figenschou, who is an independent consultant, director in various companies, and project entrepreneur. He has a long track record as a board member of oil services companies, and is currently a director of the American energy investment bank Simmons & Company International. Elizabeth Fernando, Frigstad Discoverer Invest's third independent director represents the single largest shareholder in the company, Universities Superannuation Scheme Ltd, holding 23% of the stock. She is responsible for managing a portfolio of approx. GBP 2.3 bn. The company's founder and CEO, Harald Frigstad, is Frigstad Discoverer Invest's fourth director.

CFO Bjorn C Jacobsen, was previously CFO with the Oslo Stock Exchange listed oil service company Exploration Resources ASA. He has also worked for several years as a business consultant and has 14 years of experience as a research analyst within the rig and offshore sector.

Frigstad Discoverer Invest has a sixth generation semisubmersible rig under construction at the Yantai Raffles Shipyard, China. The rig, named "Frigstad Oslo", is based on the Frigstad D90 design, and will be one of the most modern rigs for use in ultra deep water environments when it is delivered in the first half of 2009.

The construction of "Frigstad Oslo" is running according to plan, and we are now in a phase in which Aker Brevik and Det Norske Veritas are carrying out detailed engineering work. Aker Kvaerner MH, the supplier of the Drilling facilities, is also well advanced in their detailed engineering work, says Harald Frigstad.

Frigstad Discoverer Invest holds options for three additional rigs at the same yard.

Frigstad Discoverer Invest completed a private placement of US $240 million in March 2006, with US $215 million in equity and US $25 million in a convertible bond. The debt financing required to finance the construction of the first rig is expected to be secured in the near future. The company today has 188 shareholders, and its shares are traded in the OTC market.

Frigstad Discoverer Invest aims to be listed on the Oslo Stock Exchange in the early autumn 2006.

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