Thule reports that a cooperation agreement with QGM and Strategic Alliances Corporation have resulted in the immediate re-opening of the QGM yard in the Hamriyah Free Zone in Sharjah, UAE.
This agreement calls for full access to the yard and allows Thule to commence work with QGM immediately to complete all three rigs.
Strategic Alliances Corporation will manage QGM and the building process of the Thule rigs during this transition period. This will allow Thule and QGM to again work together to get the work on all three rigs up to speed.
Thule Power will take immediate priority in completion of work and commissioning. Delivery is anticipated to be September 2008.
The adherence to this cooperation agreement by both parties will be managed by the mutual Trustee, Strategic Alliances Corporation.
Thule is pleased with the positive outcome of these negotiations, and we look forward to put all our efforts into restoring and increasing shareholder value.
Thule would like to thank everyone who has supported the company through these times. Thanks go out to Mr. Ron LeKarz, CEO of Strategic Alliances Corporation and their associated partners in the Kingdom of Saudi Arabia and the United Arab Emirates for their guidance.
Further information will be forthcoming in accordance with the agreement reached between Thule and QGM.
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