Premium Drilling Appoints Two New Officers

Premium Drilling has appointed two new officers to their management team: Mr. Michael F. Pope has been appointed to Vice President - Marketing and Contracts, and Mr. Anirudha "Sunil" Pangarkar to Vice President - Operations.

Mr. Pope, a native of Aberdeen, Scotland brings over 20 years of experience in marketing and contract administration. Most recently, Mr. Pope served Noble Drilling as Manager of Marketing and Contracts. In a statement Mr. Pope said, "Premium Drilling's goal to become the contractor of choice for safe and environmentally responsible drilling services while providing new high specification jack-up drilling units is very exciting. I am delighted to join Premium Drilling and look forward to marketing the company and securing contracts for each rig."

Mr. Pangarkar joins Premium with over 20 years of experience in the oil and gas industry. Most recently, Mr. Pangarkar served as General Manager of Schlumberger Drilling Services responsible for their world-wide drilling operations. He holds a degree in Mechanical Engineering from Maharaja Sayajirao University, India and an MBA from the Sloan School or Management, MIT. In a statement Mr. Pangarkar said, "Premium Drilling will undoubtedly be the trend setter in coming years in our industry and I am excited to join the company almost from its inception."

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.