Frigstad Discoverer Invest Substantially Oversubscribed

Frigstad Discoverer Invest Ltd. has secured a new 5 year 2nd lien bond loan of USD 200 million at an 11.5% fixed interest rate. The loan will partly finance the construction of the semisubmersible rig "Frigstad Oslo", under construction at Yantai Raffles Shipyard, China. The project is progressing according to plan, and the Shipyard has met all agreed milestones under the revised agreement of December 1, 2006.

We are pleased with the reception the company has gotten in the bond market, and the financing process is according to plan. The yard had more than 50 engineers in place by 1 February, dedicated to the "Frigstad Oslo" project, and is well on track according to project schedule, says Frigstad Discoverer Invest CEO Harald Frigstad. Due to the good reception in the market, the subscription period for the bond loan was stopped earlier than planned.

Frigstad Discoverer Invest has a 6th generation semi-submersible rig under construction at the Yantai Raffles Shipyard, China. The rig, "Frigstad Oslo", is based on the Frigstad D90 design, and will probably be the most powerful rig for use in ultra deep water environments when it is delivered in the second half of 2009.

Frigstad Discoverer Invest holds options for two additional rigs at the same yard.

Frigstad Discoverer Invest completed a private placement of US $240 million in March 2006, with US $215 million in equity and US $25 million in a convertible bond. The company today has more than 180 shareholders, and its shares are traded in the OTC market in Oslo, Norway.

Pareto and Fearnley Fonds advised Frigstad Discoverer Invest in securing the bond loan.

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