Petrolia Drilling Finalizes Drilling Contract

Petrolia Drilling ASA says the LOI extended for the Petrolia semisub in November of last yar has been finalized. The contract is with a North Sea operator for a drilling program on the UK Continental Shelf. The contract length is six months with start-up approximately July 1, 2006.

Petrolia Drilling has also received several requests from operators for the use of the Petrolia in 2007. The present market dayrates indicated for 2007 are US $225,000 to US $250,000 and the market continues to improve.

Petrolia Drilling ASA will seek to optimize length and rate for future contracts.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit