StatoilHydro Extends Odfjell Drilling Contracts to 2010

"We are pleased to see that StatoilHydro prefer Odfjell Drilling for further cooperation on their units Snorre A, Snorre B, Visund and Heidrun," says Odfjell Drilling CEO Ketil Lenning.

StatoilHydro AS has exercised an option to prolong the contract for drilling and maintenance services. Odfjell Drilling has carried out maintenance, drilling and completion activities at the units Snorre A, Snorre B and Heidrun since 2004 and at Visund since 1997.

This is an excellent opportunity for Odfjell Drilling to further develop our relationship with StatoilHydro, says Mr Lenning.

This option is extending the fixed contract duration until the Sept. 30, 2010 and the contract formulation has the possibility for further options of 2 x 2 years. The value of this contract extension is approx. NOK 1 billion.

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