Yantai Raffles and Frigstad Revise Frigstad Oslo Contract

Yantai Raffles Shipyard Limited says that revisions have been made to its contract with Frigstad Discoverer Invest Limited ("FDIL") to allow for some modifications to enhance the performance of the Frigstad Oslo.

The 6th generation semi-submersible rig is currently under construction at YRS's shipyard in Yantai, Shandong, China. The rig, named "SS Frigstad Oslo" is based on the Frigstad D90 design, and will be one of the most modern rigs for use in ultra deep-water environments. Aker Kvaerner MH is the supplier of the drilling systems and equipment package. The D90 design is engineered for stability and versatility with the ability to operate in water depths of up to 12,000 feet and drilling depth of 50,000 feet. FDIL has options with YRS to construct two additional rigs, expiring in April and October 2007.

The new agreement signed and dated on December 1, 2006 will see the rig design specification further enhanced to ride through unfavorable weather and sea conditions in light of the 2005 hurricane season that had prevailed in the Gulf of Mexico. The "SS Frigstad Oslo" is planned for delivery in September 2009.

Frigstad Discoverer Invest Limited is a BVI incorporated company specializing in the construction, ownership and operation of ultra deep-water semi-submersible drilling rigs. In March 2006, FDIL issued USD 215 million of equity and USD 25 million of convertible bonds. It expects to submit an application for a listing on the Oslo Stock Exchange during 2007. The Frigstad group of companies has a very experienced and strong organization of around 50 employees today.

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