Ormen Lange Project Partners Cancel West Navigator LOI

Ormen Lange Field
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Reference is made to the Letter of Intent disclosed to the Oslo Stock Exchange December 8, 2006 regarding the assignment for the deepwater drillship West Navigator on the Ormen Lange field.

Seadrill today informs that the intended contract extension and alteration agreed with the operator is not approved by the Ormen Lange project partners.

West Navigator is currently operating for Shell at the Ormen Lange field. West Navigator will be available for new assignments, pending the drilling program, early 2009.

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