Sinvest Exercises Option to Build Third Baker Marine Pacific Class Jackup

Sinvest ASA has, through its wholly owned subsidiary Deep Drilling Invest Pte. Ltd., utilized a current option for construction of one additional Baker Marine 375 "Pacific Class" jackup for a contract price of US $140.1 million.

The jackup now ordered will be capable of operation in water depths of 375 feet and drilling depths down to 30,000 ft. Delivery will take place in the third quarter of 2008.

Sinvest will upon completion of this transaction have three rigs under construction by PPL Shipyard Pte. Ltd.

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