Awilco and BP Firm Up WilPioneer Contract

Awilco Offshore has signed the drilling contract with BP Norge, on behalf of the Skarv License partners, for its first semisub, WilPioneer. This contract confirms the Letter of Intent previously entered into between the two companies.

The contract is based on the firm drilling program at Skarv for 16-18 wells, with an estimated duration of 3 years. The total contract value for this period is approximately US $330 million, plus mobilization costs. BP has options to increase the contract length with maximum 2 years.

The commencement window under the drilling contract is during the first half of 2009. WilPioneer is under construction at Yantai Raffles Shipyard in China.

Awilco Offshore is pleased to have BP and the Skarv Production License partners as our customers.

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