Awilco Offshore Sets Cash Amount for OffRig Shares

Reference is made to the press release made by Awilco Offshore ASA and the Offer Document dated November 20, 2006 in respect of the voluntary offer to acquire the remaining shares of OffRig Drilling ASA ("OFRD") set forth by Awilco Offshore.

As set out in announcement and the Offer Document, shareholders who hold less than 16,500 shares in OFRD are offered a cash consideration for each share in OFRD. The cash consideration offered was set to the higher of NOK 25.50 and 0.425 multiplied by the volume weighted average trading price of AWO shares in the period November 22 27, 2006. Based on the foregoing, the cash consideration has been calculated to NOK 27.42.

The offer period expires on November 29, 2006 at 16:30 CET, by which time any acceptances must be received by Fearnley Fonds ASA or Pareto Securities ASA by fax, post or delivery.


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