OffRig to Build Third Semisub at Yantai Raffles Shipyard

Awilco Offshore has, through its fully owned subsidiary OffRig Drilling, exercised an option with Yantai Raffles Shipyard in China to build the company's third semisubmersible drilling rig, WilPromotor.

The rig will be built to meet the requirements for operating on the Norwegian Continental Shelf.

WilPromotor is to be delivered in the fourth quarter of 2009 and will have a price of approximately US $310 million. This price includes the contract price with the yard and the drilling package.

Awilco holds two remaining options to construct one jackup drilling rig and one semisubmersible drilling rig.

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