Odfjell Exercises Option for Second Semisub

Odfjell Invest Ltd. has, in a board meeting held on February 22, 2007, resolved to declare its option to construct one semisubmersible drilling rig (Rig 2) at Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea.

The option is valid until February 24, 2007, and the delivery of the additional unit will be a date not later than June 30, 2010.

The total construction cost is estimated to approximately US $645 million excluding financing cost, as compared to the first rig of US $598 million excluding financing cost. Approximately US $100 million is contemplated to be financed through new equity.

The Company is of the opinion that the terms and conditions for the exercising of the optional rig are favorable.

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.