Thule Gains Access to Rigs in QGM Yard

More than four months have passed since QGM closed the yard located in the Hamriyah Free Zone, Sharjah, UAE. This closure denied Thule Drilling its rightful access to its rigs.

This morning, Mr. Ron LeKarz, Strategic Business Advisor to Thule Drilling, notified the Management and Board of Directors of the following positive step forward.

The Sharjah House of Justice today ruled that the Thule rigs can now be accessed under the supervision of a Court appointed guardian. This neutral guardian is an experienced maritime engineer who will do whatever is required to protect the assets of Thule.

In the same ruling, the Court has removed the guardianship of the Thule assets from QGM. The Board considers today's events a significant breakthrough.

Thule will continue to pursue its court actions in Dubai and Sharjah, UAE to re-coupe Thule's losses caused by QGM and its Management.

The Management and Board of Directors of Thule continue to be grateful to those who are assisting them to bring about a resolution and attempt to minimize the harm to Thule.

Thule continues to pursue its rights under the principles of law with utmost respect for the legal processes in the UAE.

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