Thule Drilling Considering Share Issue

In a meeting later today, the Board of Directors of Thule Drilling ASA will consider a proposal for issuing 16,845,330 new shares in a rights' issue to existing shareholders.

Under the proposal, shareholders as of the close of business today, May 14, 2007, will receive 0.447 non-transferable subscription rights for each share held at such time. The proposed subscription price is NOK 13.06 per share. Assuming that the proposal is adopted by the Board of Directors, the shares of Thule Drilling ASA will be traded exclusive of subscription rights from and including May 15, 2007.