Awilco Nabs LOI for Use of WilForce Jackup in Libya

Awilco Offshore through Premium Drilling has received a Letter of Intent from an international operating company for a drilling program of two firm wells plus one optional well for the jackup drilling rig WilForce. The firm period of the contract is estimated to 180 days. The LOI and subsequent contract is subject to approval of Libya's National Oil Company.

The estimated contract value for the firm period of the contract is USD$36.5 million. Operation is scheduled to commence between mid-December 2008 and early March 2009 and in direct continuation of the rig's present commitment with Repsol Exploration Murzuq S.A, which is also in Libya.

WilForce is equipped for high pressure/ high temperature drilling in water depths up to 375 feet.

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