Thule Drilling Issues Shares

On May 14, 2007, the Board of Directors of Thule Drillling ASA resolved to issue 16,845,330 new shares in a rights' issue to existing shareholders as of the close of business on May 14, 2007. Shareholders will receive 0.447 non-transferable subscription rights for each share held at such time. The subscription price is NOK 13.06 per share. Full subscription has been guaranteed by a guarantee consortium. The shares will be traded exclusive of subscription rights from and including May 15, 2007.