Premium Drilling Has Appointed Robert W. Rose CEO

Premium Drilling has named Mr. Robert W. Rose Chief Executive Officer. Mr. Rose has more than 25 years of experience from the offshore drilling industry and was most recently the Vice President - Worldwide Operations with Noble Corporation.

The Board of Premium Drilling appreciates that Mr. Rose has accepted the challenge of heading Premium Drilling in the capacity of Chief Executive Officer. The new CEO will be instrumental in developing Premium Drilling into a recognized first class drilling contractor.

In a statement Mr. Rose said said: "Premium Drilling's parent companies, Awilco Offshore ASA and Sinvest ASA, have each demonstrated their commitment to the safety and operational integrity of these drilling units by assembling technically and managerially strong construction teams. I am proud to have the opportunity to work with Premium Drilling in their clearly articulated goal of developing the company into a recognized leader in the ultra premium jackup market."

Premium Drilling, a drilling contractor, jointly owned by Awilco Offshore ASA and Sinvest ASA is responsible for operating a fleet of 8 ultra premium jackup drilling units, presently under construction in Singapore. 5 units will be delivered and will enter the international drilling market during 2006.