Awilco Highlights Jackup Commitments, Q2 Earnings

Awilco Offshore ASA has provided an operational and financial update for the quarter ended June 30, 2008.

In July, China Oilfield Services Limited (COSL) launched a recommended voluntary cash tender offer at NOK 85 per share for 100% of the shares of AWO. On August 15, the acceptance period for the offer expired and COSL reached an acceptance level of 98.8% of the total number of shares. COSL expects the transaction to be completed by late September/ early October.

In August, Awilco Offshore, through Premium Drilling, received a Letter of Intent for the jackup drilling rig WilForce with a contract value of about US $36.5 million. Awilco, through Premium Drilling, also received a
Letter of Intent for the jackup drilling rig WilCraft with a contract value of approximately US $17.5 million.

In June, it was announced that on WilBoss will be assigned for 2 firm plus 2 optional wells to Nido Petroleum Phillippines Pty Ltd. Also in June, Awilco reached an agreement with ConocoPhillips Skandinavia to extend the contracts for the accommodation units Port Rigmar and Port Reval for an accumulated period of approximately five years. The contract value is approximately US $375 million.

Second quarter 2008

Total revenues for the quarter were US $105.3 million. Operating revenues, excluding reimbursable revenues and other income were US $99.6 million. Operating profit before depreciation and amortization (EBITDA) was US $50.6 million, and operating profit came to MUSD 40.3. EBITDA excluding non-cash elements was US $60.5 million.

Profit before tax was US $34.9 million, and net profit US $25.8 million. Earnings per share was US $0.17.



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