Deep Venture to Work Offshore West Africa for ExxonMobil

Larsen Oil and Gas Ltd (Aberdeen), as drilling contractor for the drillship Deep Venture, has on behalf of Venture Drilling AS, agreed to a drilling contract with ExxonMobil.

Operations are to be offshore West Africa in water depths of up to 4000' and in various country locations.

The contract duration is for 18 months with a commencement date anticipated in the first quarter of 2007. The contract has a potential gross value in the range of US $200 million - $220 million (excluding direct tax in the various countries where the drillship will operate). The last 12 months of the contract is subject to approval by the relevant government authority in the area of operation.

The Deep Venture will mobilize from Argentina to Cape Town for drydocking in order to carry out a 5 year survey.

Venture Drilling AS is a company owned 50/50 by Sinvest ASA and Petrolia Drilling ASA.

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