Odfjell Confirms Statoil Contract for Deepsea Atlantic

With reference to press release dated April 13, 2007 related to Letter of Award, Odfjell Invest Ltd. hereby confirms the signing of the drilling contract with Statoil ASA for use of Deepsea Atlantic for a firm period of four or five years.

The contract is scheduled to commence when the unit arrives at a designated location in the North Sea early 2009. Deepsea Atlantic is currently under construction at Daewoo Shipyard in South Korea and is scheduled for delivery in October 2008. The contract has a fixed duration of 4 or 5 years and in addition two options with duration of two years each. Statoil has to decide the firm contract period by July 2008.

As previously reported, the contract's value is based on a four year fixed period at approximately US $735 million including mobilization fee. The day rates are adjustable with respect to selected contract lengths.

Odfjell Invest is pleased that a solid long term contract with Statoil has been secured for the company's first unit under construction, and emphasizes the importance this contract has related to financing capabilities for further growth of the company. The contract confirms the continued strong offshore drilling market and Odfjell Drilling's reputation as a leading North Sea drilling contractor.

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