Neptune Discoverer Undergoing Acceptance Testing

The Neptune Discoverer has left the Kim Heng facilities in Singapore on October 10, 2006 and has gone to Jurong Anchorage outside Singapore, the point where the operator will accept the vessel for drilling operations.

The vessel has renewal of all class requirements in place and all major systems are commissioned and tested. Mechanical Completion of BOP and Top Drive have caused delays. BOP is now installed and accepted. The Top Drive is presently being commissioned.

The vessel is fully manned and all drilling equipment is loaded onboard ready to go to its first drilling location.

The operator has performed a survey to accept the rig for drilling in Vietnam, and has agreed that the rig will be on day rate as soon as top drive is commissioned and accepted.

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