Frigstad Names New Director and CTO

Rig company Frigstad Discoverer Invest Ltd. has appointed QVT Group founder Dan Gold as its fifth Director to the Board. Parallel to this, Paal Norheim has been employed as CTO. The company is building an ultra deepwater semisubmersible drilling rig for delivery in 2009. The site team is already in place in Yantai, and the organization for following up the building process is currently growing.

We are pleased to have attracted such experienced specialists as Dan Gold and Paal Norheim. Their financial and technical skills will add considerable value to our organization, said CEO and founder of Frigstad Discoverer Invest, Harald Frigstad.

Mr. Dan Gold has built and managed since its inception the QVT Group (holds a 20% interest in FRID). He is a Managing Member and the CEO of the Management Company and acts as the chief risk manager for accounts managed by the Management Company, as well as the head trader of the convertible arbitrage and related portfolios managed by the Management Company.

After the appointment Frigstad Discoverer Invest's Board of Directors comprises Dan Gold, Erik Gloersen (Chairman), Aage Figenschou, Elisabeth Fernando and Harald Frigstad (CEO).

Mr. Norheim has served as Managing Director of Atlantis Deepwater Technology from 2001 until September 2006. He has more than 25 years of drilling related experience, both from drilling engineering and operations, drilling equipment and rig design, and deepwater drilling technology.

Frigstad Discoverer Invest is building the most powerful Semi Submersible Drilling rig, with a Dual Ram Rig derrick, a water depth capability of 12,000 feet, and delivery in 2009. The company holds options for two sister rigs at the same yard.

Frigstad Discoverer Invest completed a private placement of USD 240 million in March 2006, with USD 215 million in equity and USD 25 million in a convertible bond. The debt financing required to finance the construction of the first rig is expected to be secured in the near future. The company today has 188 shareholders, and its shares are traded in the OTC market. Frigstad will probably start the process towards a listing on the Oslo Stock Exchange in the current year.

Mr. Dan Gold has built and managed since its inception the QVT Group. He is a Managing Member and the CEO of the Management Company and acts as the chief risk manager for accounts managed by the Management Company, as well as the head trader of the convertible arbitrage and related portfolios managed by the Management Company. Mr. Gold previously served as a Managing Director of DB Advisors L.L.C. ("DB Advisors"), an indirect subsidiary of Deutsche that acts as advisor for the managed account managed by the Management Company. He founded the QVT Group shortly after joining Deutsche Bank in 1992, having previously developed and traded a variety of proprietary trading systems and models at Daiwa Securities America as an Assistant Vice President from 1990 to 1992 and at Bear, Stearns & Co. as an Associate and member of the Options department from 1989 to 1990. Mr. Gold received an A.B. in Physics from Harvard College in 1989.

Mr. Paal Norheim has more than 25 years of drilling related experience, both from drilling engineering and operations, drilling equipment and rig design, and deepwater drilling technology. He has a degree in Petroleum Engineering and started his carrier as a Drilling Engineer for Mobil Exploration Norway Inc in 1980. After 4 years with Mobil he worked for Norwegian Rig Consultants as a Drilling Manager / Project Manager for 9 years. He then spent 4 years as Senior Vice President / Director Marketing & Sales for Unit Rig AS and Maritime Hydraulics AS (the companies merged during the period), followed by 3 years as Managing Director for Bentec Norway (Deutag Group) and 1 year as a consultant. Following that he had a 1.5 year assignment as Managing Director for an electronics company, Kitron AS, before he returned to the offshore industry as a Managing Director for Atlantis Deepwater Technology in May 2001, where he stayed until he joined Frigstad Discoverer Invest Ltd. in September 2006.

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