Sinvest Snags Contract for Deep Driller 3

Sinvest ASA

Deep Drilling 3 Pte. Ltd., a subsidiary of Sinvest ASA, and Premium Drilling have agreed to a Letter of Award with a major oil company for a drilling contract in Southeast Asia.

The contract term is for twelve firm months and will commence during the second quarter of 2007. The final contract will include two optional contract periods of twelve months each at mutual agreed dayrates.

The drilling contract will be performed by Premium Drilling with the unit Deep Driller 3. The Deep Driller 3 is a KFELS Super B class jack up drilling unit designed to work with extreme high pressures & temperature regimes down to 35,000 ft drilling depth and is further capable of operating in a skid-off mode.

The estimated gross proceed from operations under the contract is around US $82 million. The contract will follow in direct continuation after completion of the previously announced six month contract with Pearl Oil (Sebuku) Limited offshore Indonesia.