Thule's CEO Resigns

Thule Drilling ASA and Thule's Chief Executive Officer Kai Solberg-Hansen have agreed that he shall resign from his position as CEO of Thule.

Kai Solberg-Hansen will assist Thule Drilling on a consultancy basis as required.

According to the employment agreement, Kai Solberg-Hansen and Thule have agreed that he shall receive one year's salary of NOK 1.5 million as severance pay. In his employment agreement, Kai Solberg-Hansen has waived his statutory employment rights and the agreed severance pay in a situation like this shall correspond to one year's salary.

Thule's Chief Financial Officer Peter K. Gjessing will temporarily assume the position as CEO until further notice. The Company's Chairman of the Board, Hans Eirik Olav, will participate actively in the day to day work of Thule until a new CEO is in place.