Odfjell Invest Wins Long Term Contract with Statoil

Odfjell Invest has received a Letter of Award for the 6th generation semisubmersible drilling rig "Deepsea Atlantic" under construction at Daewoo Shipbuilding & Marine Engineering Co., Ltd. in South Korea.

The contract is scheduled to commence when the unit arrives at a designated location in the North Sea early 2009. Delivery from the yard is scheduled for October 2008. The contract has a fixed duration of 4 or 5 years and in addition 2 options with duration of 2 years each. Statoil has the option to decide the firm contract period within July 2008. The contract value based on 4 years fixed period is approximately US $735 million including mobilization costs. The day rates are adjustable with respect to selected contract lengths.

Mr. Ketil Lenning, Chairman of Odfjell Invest, said, "We are pleased to be nominated by Statoil as the provider of the future drilling solution for the Norwegian Continental Shelf. "Deepsea Atlantic" will be the most modern and well equipped drilling unit for safe, efficient and environmentally sound operations."

"Securing such a long term charter with a quality operator as Statoil gives a solid foundation for further growth of the company."

Mr. Lenning further stated: "The award confirms Odfjell Drilling as a leading North Sea drilling contractor and the company's harsh environment capabilities. Odfjell Drilling is the manager and drilling contractor for "Deepsea Atlantic".

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