Gazflot Still in Negotiations for Petrolia Semisub

Petrolia Drilling has been in negotiations with Gazflot for a bareboat charter for the Petrolia semisub at a dayrate of US $28,000. Gazflot has asked for additional services, therefore the complete agreement will be signed before start of the drilling program.

Gazflot has requested that Petrolia Drilling take full liability and responsibility as for a normal drilling contract (not only bareboat). Petrolia has advised Gazflot that Petrolia is not prepared to take any liability on operational costs. The dayrate was negotiated September 2004, and is lower than currently market rates.

Thus the current status for the contract negotiations is still ongoing and no agreement has been finalized.

The Petrolia is one of very few rigs available in the UK for 2005 start-up. Market dayrates in the UK are now at least US $120,000. Petrolia is in discussion with operators requiring a semisubmersible drilling rig in the UK sector and reactivation continues.

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