PowerWell Services Wins Contract from Norsk Hydro

Power Well Services Norway AS has entered into a three-year frame agreement with three two-year options to provide well testing in connection with exploration drilling on the Norwegian Continental Shelf for Hydro. The scope of the agreement includes providing equipment and services for well cleanout and well testing, including downhole and subsea well testing, as well as temporary production testing. Estimated value of the contract is 100 million NOK (approximately US $15 million) over the course of its three-year term.

Sampling and analysis services will be provided by Power Well Services' Petrotech division and downhole tools will be provided by Halliburton Energy Services. PowerWell Services will be the primary contractor to Hydro for these capabilities.

Hydro had significant drilling activity in 2005 on the Norwegian Continental Shelf, with five semi submersible rigs and five drilling operations on fixed installations. Activities are expected to be stepped up even further this year, with Hydro participating in 15 new fields under development on the Shelf, and plans to participate in drilling 40 exploration wells in the 2006-2007 period.