NAVIS EXPLORER I

Navis ASA has entered into drilling contracts with BP Amoco, Arco and Petrobras for the ultra-deepwater drillship Navis Explorer I for operations offshore Brazil and Trinidad. Estimated length of the contract is one year and total revenue from the contract is estimated at approximately $59 million. The drillship is currently en route to Brazil from the Samsung Yard in Korea. The drillship will commence operations upon arrival in Brazil. The Navis Explorer I is an advanced, dynamically positioned drillship suited for drilling in ultra-deep water down to 3,000 meters and in challenging environments.
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