Frigstad Oslo Looking at Prospects in Mexico

The semisub "SS Frigstad Oslo" is currently being marketed for work in all the ultra deepwater areas of the world except for the North Atlantic area which is not a main target area for the rig. Presentations of the company and the rig have been given to several potential clients, with positive and strong interest. There are several upcoming work opportunities in the market which will be pursued. The first of these is upcoming work in Mexico for drilling to water depths of 10,000 feet.

Pemex recently opened tenders for several categories of offshore rigs. Frigstad Discoverer Invest Ltd (Frigstad) offered its ultra deepwater rig "SS Frigstad Oslo" for the 10,000 feet water depth category. The company that presented the second bid in this category was Triton Drilling Mexico LLC with the Transocean Drillship "DS Deepwater Millenium". The Frigstad offer has a fixed dayrate for the 5 year firm contract period, totaling to US $999,840,000 including mobilization fee. The offer includes subjects to modify the contract terms and conditions. The offer from Frigstad was accepted by Pemex for further evaluation.

Frigstad CEO, Harald Frigstad, stated: "We are very pleased to learn that Pemex, Exploracion y Produccion (PEP) accepted our offer for further evaluation. We believe that we have a very good and highly capable drilling unit that would be suitable for PEP."

Frigstad Discoverer Invest is working on this project with support from the local Mexican drilling company Perforaciones y Servicios Central, S.A. de C.V.

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