Hydro Increases Awilco Contracts to 8 Years

Norsk Hydro Produksjon AS has increased the firm contract length for the two semisubs, WilInnovator and WilPromoter, to 8 years each plus options.

The contracts were previously 5 years plus options, and Norsk Hydro had the opportunity to increase the firm contract length by May 28, 2007.

The total contract value for the 8 year period is approximately US $2 billion, plus mobilization cost. The above contract value includes additional rig modifications to be provided to Norsk Hydro.

The first contract is to commence mid 2009 and is for the rig WilInnovator, with scheduled delivery by end 2008. The second contract is to commence mid 2010 and is for the rig WilPromoter, with scheduled delivery in the fourth quarter 2009. Both rigs are under construction at Yantai Raffles Shipyard in China.

Awilco Offshore is pleased to have Hydro and the Troll Production License partners as our customers and regard this contract extension as very positive for the company.

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