Awilco Offshore Exercises Option for Fifth Jackup

Awilco Offshore has exercised an option with PPL to build a 375' jackup with a rated drilling depth of 30,000 ft.

The rig is to be delivered end fourth quarter 2007 and has a delivered cost of US $144 million. Delivered cost includes yard price, site supervision, pipe handling equipment, spare parts and finance costs during construction.

Awilco Offshore expects to finance the rig with bank debt and internal funds, i.e. without raising further equity.

Awilco Offshore now has five ultra premium jackup drilling rigs under construction with options to build another three units. In addition the company has two accommodation units currently working in the Norwegian sector of the North Sea.

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