Murmanskaya Wins LOI for Work Offshore Sakahalin Island

A subsidiary of Sinvest ASA and Premium Drilling have agreed to a Letter of Intent with Venineft LLC for drilling one exploration well offshore Sakhalin Island at the Veninskiy block. The expected duration of the program, including mobilization and de-mobilization, is around five months. The estimated contract value is approximately US $36 million. The contract will commence in Singapore in May 2007.

The drilling contract will be performed by Premium Drilling with the unit Murmanskaya. The Murmanskaya is a Russian designed ILC jackup built at Vyborg shipyard, assisted by Rauma Repola, in 1991. The rig is designed and equipped for operation in harsh environments.

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