Deepsea Delta Goes to Work for Revus and Pertra

Pertra and Revus Energy have entered into an agreement with Odfjell Drilling for use of Deepsea Delta semisub for drilling of exploration wells on the Norwegian Continental Shelf.

Deepsea Delta will be ready for operation for Pertra and Revus at the end of its present engagement with Norsk Hydro. The contract is expected to commence in March 2009. The duration of the contract is three years, and the contract value is approximately US $480 million. The contract also encompasses Casing Running Services. In addition, an agreement has been entered into with Odfjell Drilling for the provision of Drilling Management Services, including planning, logistics and procurements of miscellaneous services, drilling supervision and emergency preparedness. The Drilling Management Agreement also comprises Pertra's drilling activities on the Froy field (PL 364).

The rig is presently under contract with Norsk Hydro ASA. The rig will be available for Revus/Pertra during the first half of 2009. The drilling rig was built in 1981 and considerably upgraded in 1996. Deepsea Delta is equipped with a 15,000 psi BOP and is capable of drilling in water depths up to 450 meters.

Pertra and Revus have the option to expand the contract to five years at a reduced day rate by December 2007.

The rig agreement with Odfjell Drilling has been achieved in cooperation with Revus Energy, who will cover one third of the duration of the contract. Revus and Pertra will coordinate activities to ensure maximum utilization of the rig.

"Through this rig agreement, Pertra has secured capacity for the drilling of six exploration wells per year from 2009 onwards, and the company is thus on the track to becoming one of the largest exploration companies on the Norwegian Shelf. The agreement also secures Pertra the capacity required to accomplish our ambitious exploration program and create added value by discovering more oil and gas on the Norwegian Shelf", states CEO of Pertra, Erik Haugane.

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