Awilco Offshore Makes Offer to Acquire All Remaining Shares in OffRig


Reference is made to the press release dated November 16, 2006 regarding AWO's purchase of approximately 13.2 million shares in OffRig Drilling ASA, whereby AWO became the owner of 69.2% of the shares in OFRD. As stated in the press release, AWO will extend an offer (the "Voluntary Offer") to the remaining shareholders of OFRD.

An Offer Document has been prepared which gives detailed information of the Voluntary Offer. The Offer Document will be sent out to all OFRD shareholders today.

The Acceptance Period under the Voluntary Offer is from and including November 21, 2006 to and including November 29, 2006 at 16:30 CET. Agents for the Voluntary Offer are Fearnley Fonds ASA and Pareto Securities ASA.

The consideration offered by AWO to each shareholder in OFRD will depend on the number of shares held by such shareholder:

(i) Shareholders in OFRD who hold 16,500 or more shares in OFRD are offered 0.425 shares in AWO in exchange for each share in OFRD.

(ii) Shareholders in OFRD who hold less than 16,500 shares in OFRD are offered a consideration per share in cash equal to the higher of (i) NOK 25.50 and (ii) 0.425 multiplied by the volume weighted average trading price of shares in AWO on Oslo Bors in the period from and including November 22, 2006 to and including November 27, 2006, such price to be announced in the notification system of Oslo Bors on November 28, 2006.