Frigstad Discoverer Invest Says 2Q07 Results In-line with Expectations

Frigstad Discoverer Invest Ltd. reported profits of US $9,000 in the second quarter, and US $901,000 for the first half year. The construction of the 6th generation ultra-deepwater semi-submersible drilling rig 'SS Frigstad Oslo' is progressing according to plan and budget.

"The financial results for the second quarter are in line with our expectations. All focus is directed towards the construction of 'SS Frigstad Oslo'. We are pleased with the progress in the period, and are confident that the yard and our site teams are able to move the project ahead as planned", stated the Company's CEO, Harald Frigstad.

All critical-path OFE contracts have been concluded with agreed delivery dates. The outstanding OFE to be procured is mainly loose equipment, spare parts or equipment with short delivery time.

The next main project milestone will be steel cutting or start of steel fabrication scheduled for September 7, 2007.

The FDIL site teams now consist of 15 engineers and professionals in Yantai and seven in Kristiansand (Norway). The site teams monitor the construction of the drilling package (dual ram-rig) at Aker Kvaerner MH, the delivery of the 10,000 feet marine riser from Aker Kvaerner Subsea, as well as the construction and delivery of other OFE equipment and engineering support.

Frigstad Discoverer Invest Ltd. has so far secured US $440 million of capital for the project. The total project cost for the SS Frigstad Oslo, including all costs; project related, administrative, finance (100%) and incentive bonuses to the Yard, is estimated to be approximately US $600 million.

The financing agreements allow a first priority mortgage of $170 million to be raised at a later time.

"The Ultra Deep Water rig market is hot at the moment and we are intensifying our marketing efforts going forward. We are currently pursuing several opportunities in the global ultra-deepwater drilling market", stated the Company's CEO, Harald Frigstad.

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