Odfjell Wins Drilling Contract from Norsk Hydro

As operator on behalf of several licenses, Norsk Hydro Produksjon a.s has awarded Odfjell Drilling a contract for the utilization of the semisubmersible, Deepsea Delta. The contract value without options is approximately NOK 600 million.

Deepsea Delta will drill an exploration well, a sidetrack in the Vale field, and will also be used for development drilling on Oseberg Vestflanken.

The contract, which is scheduled to commence in the third quarter of 2004, will cover a well program of approximately 18 months duration and may be extended with six options of six months.

The contract award is subject to approval by the license owners.