Delivery Date for Thule Power Extended

In cooperation with its on-site supervision team from Noble Denton and its operations managers, KCA Deutag, Thule Drilling has decided to extend the delivery date for Thule Power jackup to August 31, 2007.

The recently revised completion plan and delivery schedule from QGM has an estimated delivery date at the end of July 2007. However, the decision has been made to include a time buffer in case of unforeseen or unexpected events that could occur during the final completion of the rig, in particular related to the most important commissioning phase towards the client.

In addition to the weekly updates and progress reports the client has been informed of this revised delivery date. Thule Drilling will continue its current practice to communicate developments on a continued basis to the client. The main reasons for the delay are slower than planned progress on electrical cabling, high pressure piping and the hydraulic systems and testing of drilling equipment. At present, overall progress is good.

The project cost for the rebuilt Thule Power will be approximately US $110 million, including the additional cost of a full compliment of rig crew.

Following summary of progress is provided by the Thule Drilling on-site management team:

The progress of construction on Thule Power continues at a steady pace, with good progress being made in all areas of the rig. Over the past couple of weeks, the following major work fronts have been completed and satisfactorily commissioned:

- High Pressure Piping
- Hydraulic System
- First level of accommodation
- Air conditioning system
- Both Lifeboats

In addition to the above, commissioning of the drill floor systems continues as well as the jacking system, marine monitoring systems and all other mechanical areas of the machinery deck. Additionally, the plan includes completion of the galley, laundry and other areas of the accommodation, commissioned within the next 2 weeks.

Whilst progress continues, areas of concern still remain with regard to the jacking system, electrical installation and final commissioning of the rig and associated drilling systems. The level of progress in connection with cable pulling and termination remains a high priority in order to allow sufficient drilling systems to be operational for final commissioning. These areas are being closely monitored in order to ascertain how best to improve progress and maintain the delivery schedule to the client.

The on-site management of Thule Drilling is pleased with the current progress, and report positive developments on all work fronts.

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