Oslo Stock Exchange Rejects Thule Drilling's Application for Listing

Oslo Stock Exchange has in a Board of Directors meeting on October 26, 2005 rejected the application from Thule Drilling ASA for listing on the SMB-list on Oslo Stock Exchange.

Further justification for the rejection can be read in a transcript of minutes from yesterdays Board of Directors meeting at Oslo Stock Exchange.

The Board of the Oslo Stock Exchange has under doubt concluded that they can not grant dispensation from the requirement of minimum three years operation. The main reasons given are the risk related to the financial ability of QGM (the yard reconstructing the JU rig Thule Power ) to meet possible cost overruns and complete the unit, and uncertainty in connection with the plans and financing of the two newly acquired semi rigs.

The Board of Directors and the administration disagree and regret the decision from Oslo Stock Exchange. There has not emerged any circumstances in the justification from the Oslo Stock Exchange that has not already been made known to the Company s shareholders.

The Board intends to summon to a shareholders meeting in advance of the already scheduled extraordinary shareholders meeting on November 4, 2005, were the Board and administration will inform of its recommendation in regards to whether Oslo Stock Exchange's decision will be appealed. The company will start a dialogue with Oslo Stock Exchange regarding a suitable date for listing of Thule Drilling ASA.

The company will moreover maintain the information requirement for companies listed on the A-list on OTC.