Venture Drilling Receives LOI for Deep Venture

Venture Drilling AS (a company owned 50/50 by Sinvest ASA and Petrolia Drilling ASA) and Premium Drilling have agreed to a Letter of Intent with a major operator for a drilling contract in the US Gulf of Mexico. The contract term is for a period of three years commencing, upon completion of the ongoing re-activation, during the third quarter of 2006. The drilling contract will be performed by Premium Drilling, Inc.

The Valentin Shashin (to be renamed Deep Venture) is a Gusto design Dynamically Positioned drill-ship built by Rauma Repola (Finland) in 1981. The Valentin Shashin was extensively upgraded during 1998 including enhanced stability and load capacity for deepwater operations. Drilling equipment was refurbished and new equipment was installed including top drive, crown mounted compensator, iron roughneck, additional riser tensioners and installation of a third mud pump. The vessel is currently outfitted for operations in water depths up to 4,200 ft.

The ongoing re-activation work entails re-installation of equipment removed from the vessel, classification work as well as adding a full size (18 3/4" - 10k) blowout preventer purchased by the company for this purpose.

The estimated contract value is approximately US $290 million.

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