Ormen Lange Project Partners Cancel West Navigator LOI

Reference is made to the Letter of Intent disclosed to the Oslo Stock Exchange December 8, 2006 regarding the assignment for the deepwater drillship West Navigator on the Ormen Lange field.

Seadrill today informs that the intended contract extension and alteration agreed with the operator is not approved by the Ormen Lange project partners.

West Navigator is currently operating for Shell at the Ormen Lange field. West Navigator will be available for new assignments, pending the drilling program, early 2009.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.