Sinvest Enters Charter Agreement for Murmanskaya

Sinvest ASA has acquired 100% of the shares in Beta Drilling AS from Skeie Group AS. Beta Drilling AS and FSUE Arktikmorneftegazrazvedka (Arktik) have earlier entered into a charter agreement for hire of the jackup Murmanskaya for a period of 3 years after an initial reactivation period. The total consideration for acquiring the shares in Beta Drilling is NOK 16,000,000.

Murmanskaya is an independent leg cantilever unit capable of operating in water depth up to 300 feet of water and is currently stationed in Murmansk after having completed last season's drilling campaign in the Barents Sea. The unit was built in 1991 and is in a fully operational condition.

The charter hire during mobilization, re-activation and demobilization is US $4,000 per day. The charter hire when the unit is working under a drilling contract is US $25,000 per day and it is estimated that work related to re- activation of the unit will amount to US $10 to 12 million. Sinvest will be responsible for transport of the unit from Murmansk as well as re-activation and demobilization back to Murmansk upon completion of the charter period.

The unit will be transported from Murmansk with Dockwise's heavy-lift vessel Transshelf and this transport is estimated to commence within the next two weeks. The unit is planned to be moved to a South East Asian shipyard and it is estimated that it will be ready for operation in the third quarter this year.

The Company views the current market situation for this kind of unit as encouraging and marketing of the Murmanskaya will commence immediately.

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