Deep Driller 3 Receives LOI for Work in Malaysia

A subsidiary of Sinvest ASA (in the Deep Drilling Invest Group) and Premium Drilling have agreed to a Letter of Intent with a major operator for a drilling contract offshore Malaysia. The contract term is for two wells with an estimated duration of around two months. 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 jackup 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 $10 million. The contract will commence upon the Deep Driller 3's departure from Singapore which is scheduled to occur within the current month. The Deep Driller 3 will upon completion of this new work commence, as previously announced, a twelve-month plus options contract in Malaysia with Sarawak Shell Berhad and Sabah Shell Petroleum Company Limited.

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