Sinvest Issues New Bond Loan

Sinvest ASA has entered into an arrangement with Pareto Securities ASA for a private placement of a Bond Loan of US $140 million, with a fixed rate of 9.3 percent p. a. payable semi-annually and with maturity in 2012. The Bond Loan will be secured by first priority mortgage in Sinvest's third jackup rig to be delivered from the yard in Singapore during the fourth quarter of 2006. Sinvest has a right not to draw the bond loan. If Sinvest decides to issue the bond loan, disbursement date is at the company's discretion in the period from February 15, 2006 to April 30, 2006. For committing the amount in this period the subscribers will receive a commitment fee of 2%.