Statoil to Use Transocean's Polar Pioneer on Alve

Petroleum Safety Authority Norway

Statoil ASA has been given consent to drill the exploration well 6507/3-5S using Transocean's Polar Pioneer. Consent was also given for production drilling as well.

The well will be drilled for testing to determine its hydrocarbon potential and as a production well for the gas and condensate discovery Alve.

The Alve discovery belongs to production license 159B, block 6507/3, located approximately 180 km off the coast of Helgeland.

The activity has an estimated duration of 60 days. After the drilling is completed, the rig will move to the Barents Sea to drill a well for Eni Norge AS.