Eastern Drilling Firms Up West E-drill Contract

Eastern Drilling ASA

Eastern Drilling confirms that Total E&P Norge has signed the award for the long-term contract to utilize West E-drill on the Norwegian continental shelf.

The contract includes a three year assignment with the option for the operator to extend the contract to five years. Estimated contract value for the three year period is approximately US $558 million, including compensation for mobilization. Total has the right to extend the contract to a 5 year firm period, in which case the total contract value is approximately US $900 million.

West E-drill is currently under construction at the Samsung Shipyard in South Korea and is scheduled to commence operations in Norway in the second quarter 2008.