Husky Makes Progress on White Rose During 1st Quarter

Husky Oil reports the keel for the FPSO was completed and construction of the hull is underway in South Korea. In Abu Dhabi, the turret for the FPSO is expected to begin testing in May followed by delivery to Korea during the third quarter of 2003 for installation on the FPSO. The completed hull is scheduled for delivery in Newfoundland in early 2004.

Development drilling is expected to start during the second half of 2003 pending upgrading of the semisub, Glomar Grand Banks. Dredging the first of three glory holes is currently underway.