Awilco Offshore Wins Contract for WilCraft

Awilco Offshore through Premium Drilling has entered into a Letter of Award for the jackup, WilCraft. The contract with Peak Group (Asia Pacific) Pty Ltd is for 13 months offshore Australia. Peak has the option to extend the contract for up to a total of 24 months.

The contract value is US $101 - $186 million dependent upon the contract length. The contract is to commence during the first quarter 2007. The Letter of Award is subject to final documentation.

WilCraft is under construction at KeppelFELS Shipyard in Singapore and will be delivered at the end of the fourth quarter 2006. WilCraft is Awilco Offshore's second newbuild and is equipped for high pressure / high temperature drilling in water depths up to 400ft.

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