Awilco Offshore Receives LOI for Port Reval

Awilco Offshore has received a Letter of Intent from ConocoPhillips Skandinavia for the employment of the accommodation unit Port Reval at Greater Ekofisk operating area for a period of 21 months. Operation will commence in August 2007 and gross contract value is approx. US $100 million.

Port Reval is currently working at Eldfisk for ConocoPhillips. This summer the unit will relocate to the Frigg field under a contract with Aker Kvaerner in connection with the Frigg Decommissioning program for Total. Port Reval now has continuous employment until May 2009.

Following this award Awilco Offshore's two accommodation units have contract coverage of 96% in 2006, 96% in 2007, 88% in 2008 and 17% in 2009.