Neptune Marine Awarded LOI for Neptune Discoverer

Neptune Marine has signed a Letter of Intent with an Operator for the drillship Neptune Discoverer for operations in the North Atlantic Region. The firm contract period is for 180 days commencing July 1, 2007 after its current drilling program in Vietnam and certain upgrading of the rig.

The Operator has an option to increase the contract duration to 445 days by November 1, 2006. The contract value for the 180 days period is US $162.3 million and the contract value for the 445 days period is US $237.3 million.

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