Pearl Oil Terminates LOI for Deep Driller 3

Earlier this year Sinvest executed a Letter of Intent with PEARL OIL (Sebuku) Ltd. for a six-month drilling contract offshore Indonesia. Sinvest has now received communication from PEARL OIL (Sebuku) Ltd. to the effect that the Letter of Intent is terminated. Sinvest will now market the Deep Driller 3 for the period following operational preparations upon delivery from the Keppel FELS shipyard. The Deep Driller 3 will be available for commencement of drilling operations in December, 2006.

As announced in September, 2006 Sinvest has also agreed to a Letter of Award with a major oil company for a Drilling Contract in Southeast Asia for twelve months plus options starting in the second quarter of 2007. This second contract for the Deep Driller 3 is not influenced by the termination by PEARL OIL.

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