Standard Drilling Report 1H07 Results

Standard Drilling ASA recorded a profit before tax of US $10.4 million during the first half of 2007. Total balance is US $193.6 million and equity is US $109 million.

The Company is still in a construction phase and the main cost is the yard instalment and the cost to the project group supervising the company in the construction phase.

According to the progress of building the 4 rigs is the yard report on schedule.

Rig 1 and 2 are fully financed to favourable terms.

Standard Drilling entered into a strategic contract with UMW Petropipe (Malaysia) in January 2007. For a total consideration of US $83.1 million UMW will control 51% of rig builds 1 and 3 and as a part of this deal Standard Drilling ASA has booked a profit in the first half 2007 of US $14 million for the sale of 51% of the shares in UMW Standard 1.

Standard Drilling also entered into a strategic contract with KCA Deutag in March this year. KCA Deutag will assist in marketing and operate the jack-up rigs 2 and 4.

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