Odfjell Invest Wins LOI from Statoil

Odfjell Invest has received a Letter of Intent from Statoil for the 6th generation semisubmersible Deepsea Rig 1 under construction at Daewoo Shipbuilding & Marine Engineering Co., Ltd. in South Korea.

The contract is scheduled to commence when the unit arrives at a designated location in the North Sea early 2009. Delivery from the yard is scheduled for October 2008. The contract has a fixed duration of minimum 3 years up to a maximum of 10 years and in addition 5 options with duration of 2 years each.

The contract value based on a 5 years fixed period is approximately US $895 million plus mobilization costs. Statoil has the option to decide the firm contract period within July 2008. The day rates are adjustable with respect to selected contract lengths.

Mr. Ketil Lenning, Chairman of Odfjell Invest, said, "We are extremely pleased to be nominated by Statoil as the provider of the future drilling solution for the Norwegian Continental Shelf. Deepsea Rig 1 will be the most modern and well equipped drilling unit for safe, efficient and environmentally sound operations."

"Securing such a long term charter with a quality operator as Statoil gives a solid foundation for further growth of the company."

Mr. Lenning further stated: "The award confirms Odfjell Drilling as a leading North Sea drilling contractor and the company's harsh environment capabilities. Odfjell Drilling is the manager and drilling contractor for Deepsea Rig 1."

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