BILL SHOEMAKER

Fred Olsen Energy has entered into a purchase agreement for the semisubmersible drilling rig Bill Shoemaker from Rigco North America. The purchase agreement is subject to ratification of the United States Bill ShoemakerBankruptcy Court, Southern District of Texas, Monday, June 5th. The rig last worked in October 1999 for Husky Oil offshore Canada and is presently ready stacked in Long Harbour, Newfoundland. Purchase price of the rig is $43.5 million. The Bill Shoemaker is an Aker H-3 rated to drill in water depths up to 1500 feet.
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