Grenland to Provide Topside Engineering for Mosvold Drilling

Grenland Group has obtained another total engineering contract for a topside on a drillship designed for operations in deepwater. This confirms the position of Grenland Group as one of the worlds leading drillship topside designers.

On January 11, 2006, Grenland Group ASA, by its subsidiary, Grenland Framnaes AS signed an engineering contract with one of the largest shipbuilders in the world, Samsung Heavy Industries (SHI) in Korea. The contract covers extensive engineering work of a drilling module/topside for the newbuilding deepwater drillship of Mosvold Drilling Ltd. The engineering work starts immediately and is planned completed by the summer 2006. At the peak of the project work, 45 persons will be engaged in the Tønsberg facilities of Grenland Group. The contract value is approx. NOK 25 million.

Grenland Group which also has its own drilling rig designs, has a long and distinguished history in topside designs and is currently working on a similar project for SHI doing the engineering work for the topside of another deepwater drillship to be delivered to Stena Drilling. This contract has a value in the order of NOK 30 million. The work started in the autumn of 2005 and is expected completed by April 2006.

Altogether 70 persons will be engaged at peak in the two drillship projects in Tønsberg. In addition, during the engineering period of the projects, 10-15 persons from Samsung together with representatives from Mosvold and Stena will be present following the engineering work.

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