West E-Drill Receives LOI for Three Year Contract

Eastern Drilling ASA has been awarded a Letter of Intent for it's semisubmersible rig West E-drill by a reputable international Exploration and Production Company for European operations.

The initial firm contract period is three years. Total contract value, including compensation for mobilization, is approximately US $558 million. The operator has the right to extend the contract to a 5 year firm period, in which case the total contract value is approximately US $881 million.

The LOI is subject to relevant Company approvals.

West E-Drill is currently under construction at the Samsung yard in South Korea for delivery 4th quarter 2007.

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