Deep Driller 3 Awarded LOI for Work Offshore Indonesia

A subsidiary of Sinvest ASA (in the Deep Drilling Invest Group) and Premium Drilling have agreed to a Letter of Intent with Pearl Oil (Sebuku) Limited for a drilling contract offshore Indonesia. The contract term is for five wells with an estimated duration of around six months, the wells will be drilled in the Sebuku PSC and other Pearl PSC blocks within Indonesia. The contract is for the newbuild Deep Driller 3.

The Deep Driller 3 is a KFELS Super B class jackup designed to work with extreme high pressures & temperature regimes down to 35,000 ft drilling depth and is further capable of operating in a skid-off mode.

The estimated gross proceeds from operations under the contract is approximately US $41 million. The contract will commence upon delivery from the Keppel FELS Limited's shipyard in Singapore in the fourth quarter of this year.

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