Premium Drilling Names Michael Cadigan HSE VP

Premium Drilling has named Mr. Michael F. Cadigan Vice President of Health, Safety and Environment (HSE). Mr. Cadigan has more than 10 years of experience in the offshore drilling industry and was most recently the world-wide Manager - Health, Safety, and Environment with Noble Corporation.

The Management of Premium Drilling appreciates that Mr. Cadigan has accepted the challenge of building the management systems under which Premium Drilling will operate. In a statement Mr. Cadigan said: "I appreciate Premium's strong commitment to HSE and look forward to the task of developing Premium into a best-in-class drilling contractor who values the safety of its people and protection of the environment."

Premium Drilling, a drilling contractor, jointly owned by Awilco Offshore ASA and Sinvest ASA is responsible for operating a fleet of 11 ultra premium jackup drilling units, presently under construction in Singapore. Five units will be delivered and will enter the international drilling market during 2006.