Standard Drilling Completes Private Placement

On September 15, 2006, the Board of directors of Standard Drilling resolved to issue 46,600,000 ordinary shares each at a par value of NOK 0.01 per share. The shares were subscribed for at a subscription price of NOK 4.25 per share raising gross proceeds of approx. NOK 198 million.

The proceeds will primarily be used to secure financing and/or exercise the option on rig 3 and 4 (subject to EGM decision) and to negotiate earlier delivery on rig 2, 3 and 4 (approx. 12 additional rig months in total).

Standard Holding AS was allocated a total of 15,400,000 increasing their ownership to a total of 59,640,000 shares, equaling an ownership of 33.02% subsequent the private placement. In addition, the CEO of Standard Drilling Jan Kildal, were allocated a total of 750,000 shares, constituting an ownership of 0.4% subsequent the private placement.

The share capital of Standard Drilling will increase with NOK 466,000 to NOK 1,806,000 equaling a total of 180,600,000 shares.

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