TTS Inks Jackup Agreement with Jurong Shipyard

TTS has signed a Letter of Intent with Jurong Shipyard Pte Ltd in Singapore, for delivery of a high performance drilling equipment packages for a new CJ70 jackup to be built for North Atlantic Drilling Ltd.

The new jack up, named West Linus, is specifically built to operate on the Norwegian Continental shelf and has been contracted to ConocoPhillips for five years. The new rig is an advanced, ultra large, harsh environment, high performance drilling unit matching the specifications of the largest jack ups in the world.

The new drilling equipment package has a value of approximately NOK 350 million plus various optional equipment yet to be decided on. The drilling equipment is scheduled for delivery during 3Q and 4Q 2012. TTS Energy has also granted Jurong Shipyard two options valid until September 30th, 2011 for identical drilling equipment packages.

TTS Energy has previously supplied a similar drilling equipment package to West Elara, which is a CJ70 jackup rig currently being finalized at Jurong Shipyard for North Atlantic Drilling where Seadrill holds a majority share. West Elara has been contracted to Statoil under a five year contract on the Norwegian Continental Shelf.

"We are very pleased to again have been chosen to deliver a high specification rig package to Jurong Shipyard and North Atlantic Drilling," said Johannes Neteland, President & CEO of TTS Group. "This new contract confirms our strong position in the high end drilling equipment market," he added.

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