Sinvest Receives Contract Termination Notice from Reliance Industries

Deep Drilling 1 Pte Ltd received a Notice of Termination from Reliance Industries related to the contract disclosed February 7, 2006. The initial Contract term was for a period of eighteen months. Sinvest disputes Reliance Industries Ltd's right to terminate the contract. Arrangements are being made to mobilize the rig to Singapore, and Sinvest expects to identify new employment for the rig shortly.

The Deep Driller 1 was expected to mobilize for the Reliance Contract within a few weeks, following the successful completion of the drilling contract with Hardy Exploration & Production (India) Inc.

Sinvest has rejected Reliance's assertion of a right to terminate the Contract, and requested Reliance to withdraw the notice and honor the Contract. Following the Notice of termination, Sinvest and the operator Premium Drilling, are making arrangements to mobilize the rig to Singapore. Sinvest considers the market conditions for this kind of unit to be very attractive. The company will continue to market the rig on a world-wide basis, and expects to identify new employment for the rig shortly.

The Deep Driller 1 is a Baker Marine 375 Pacific Class jackup drilling unit and is equipped for high pressure / high temperature and drilling depths down to 30,000 ft.

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