Sinvest Takes Delivery of Deep Driller 1

Sinvest has today taken delivery of the Deep Driller 1 jackup rig from the PPL Shipyard in Singapore. In the same transaction an affiliate of Sinvest today acquired all outstanding shares (under a call option arrangement) in Kristiansand Drilling Pte Ltd from an affiliate of SembCorp Marine Ltd. Kristiansand Drilling is the joint venture company that has contracted the Deep Driller 1 with PPL Shipyard.

The Deep Driller 1 is of the Baker Marine Class 375 and is capable of drilling in water depths of up to 375 feet to drill high pressure and temperature wells down to 30,000 feet drilling depth. The Deep Driller 1 is the first in a series of three rigs of this type now being built for Sinvest at PPL Shipyard. The rig will, as announced earlier, be operated by Premium Drilling and will next week be moved to India to commence drilling operations for Hardy Oil & Gas followed by a term contract with Reliance Industries in the same area of operations.

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