Yantai Raffles Awards 5th Semisub Option to Awilco

Awilco Offshore has been awarded an option to build a possible fifth semisubmersible drilling rig at Yantai Raffles Shipyard. The option can be exercised until end December 2008, and would have a building period of 33 months from exercise.

The additional option has been awarded AWO as part of an agreement with the yard to reschedule the delivery of the first rig, WilPioneer with three months to October 2008. AWO announced in the second quarter report that such a three months longer building period was expected.

Awilco Offshore has invested in eight jackups (of which five are under construction), three semisubms under construction and two accommodation units in operation. The company also holds options for the construction of two semisubmersible drilling rigs.

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