Ability Drilling Completes Bond Issue

Ability Drilling ASA has raised a NOK 450 million 5-year senior unsecured bond loan. The Company will use the proceeds to fund three drilling rigs and one work-over rig under construction, in addition to a planned debt financing for one additional drilling rig and one additional work-over rig.

The Bond Loan will carry a coupon of 3 months NIBOR + 6.50% and will mature in 2012. The nominal value of the Bond Loan will be NOK 500,000.

The settlement and issuance of the Bond Loan will take place on or about 13 February 2007.

The bond issue was managed by Pareto Securities ASA.