Petrolia Cancels LOI for DS Deep Venture

Venture Drilling AS, a company owned 50/50 by Sinvest ASA and Petrolia Drilling ASA, and a major operator have decided to not proceed with the Letter of Intent for the hire of "DS Deep Venture". The parties did not agree on the scope of equipment to be installed on the vessel and decided in good faith to not proceed with the LOI. The award of the LOI was announced on 19th December 2005.

The Company considers the market conditions for this kind of units to be very attractive. The day rates have improved and the company feels they will improve further. The company is now marketing the vessel on a world-wide basis, and the demand from oil companies is strong.

The Deep Venture is a Gusto design Dynamically Positioned drill-ship built by Rauma Repola (Finland) in 1981. The Deep Venture was extensively upgraded during 1998 including enhanced stability and load capacity for deepwater operations. Drilling equipment was refurbished and new equipment was installed including top drive, crown mounted compensator, iron roughneck, BOP control system and installation of a third mud pump.

The ongoing re-activation work entails re-installation of equipment removed from the vessel and classification work. The reactivation of the vessel is going according to plan and budget.

The vessel is being marketed for operations in water depths up to 4,200 ft.

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