Frigstad Holds Steel Cutting Ceremony for Frigstad Oslo

The Steel Cutting Ceremony for the ultra deep water semi-submersible drilling rig "SS Frigstad Oslo" was held as planned in Yantai Raffles Shipyard on Friday, September 7th, confirming that the project is on schedule for September 2009 delivery from the yard.

- This event is a major milestone for Frigstad Discoverer Invest. We have worked with Yantai Raffles Shipyard, DNV and other parties for more than a year now, and established a very good relationship with the various parties. We are now looking forward to the construction phase and to work closely together to have our rig delivered on time and on budget.

These were some of the words from Harald Frigstad, Founder and CEO of Frigstad Discoverer Invest Limited (FDIL), in his speech during the banquet following the Steel Cutting Ceremony for "SS Frigstad Oslo" in Yantai Raffles Shipyard in China.

The Steel Cutting Ceremony was held in the production facilities in Yantai Raffles Shipyard in Yantai, China. The ceremony marks the start of steel fabrication for "SS Frigstad Oslo". Harald Frigstad was given the honor of pressing the start button for cutting of the first steel plate, together with Brian Chang, Executive Chairman of Yantai Raffles Shipyard.

More than 35 FDIL project and site team members from Singapore, Norway and Yantai participated in engineering and project management meetings in Yantai in the days prior to the Steel Cutting Ceremony.

The site team in Kristiansand monitors the construction of the drilling package (dual ram rig) at Aker Kvaerner MH, the delivery of 10,000 feet marine riser from Aker Kvaerner Subsea, as well as the construction and delivery of other owner furnished equipment.

- I am proud to see that we have managed to establish such an experienced and competent project organization despite the constrained market for engineering and drilling personnel, said Harald Frigstad.

"SS Frigstad Oslo" is of the Frigstad D90 design and is optimized for cost efficient development drilling in ultra deep waters. The unit will have water depth capacity of down to 12,000 feet and drilling depth capacity of down to 50,000 feet.


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