OffRig Drilling Signs Second Newbuild Contract with Yantai Raffles

OffRig has signed a contract with Yantai Raffles Shipyard in China for the company's second newbuild semisubmersible, OffRig Innovator. The yard contract has a fixed price and expected delivery end of fourth quarter 2008. As earlier announced, National Oilwell Varco has been awarded a fixed price and fixed delivery contract for the drilling package. After this second new build contract OffRig has two additional rig options at Yantai Raffles.

OffRig has earlier signed a LOI with BP for the Skarv-Idun field development program for it's first new build, OffRig Pioneer, and the company has an optimistic view on the possibility of also contracting the OffRig Innovator.

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