Thule Power is currently undergoing finalization work at the MIS yard in Dubai. Overall, the work is going well. However, due to unpaid invoices to critical subcontractors needed to finalize the rig, and that the remaining work on board is more extensive than anticipated, especially in the commissioning phase, the objective is to deliver the rig towards the end of March 2009.
Thule is currently in positive negotiations with the critical subcontractors to ensure as early as possible delivery of the rig. Progress towards mechanical completion is on track as it has been over the last few months. Delivery within March is dependent on the full cooperation of our subcontractors, in particular NOV.
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