Statoil to Use the Ocean Vanguard to Drill Exploration Well 6608/8-2

Statoil has received consent from the Petroleum Safety Authority Norway to conduct exploration drilling at well 6608/8-2 using the Ocean Vanguard.

Well 6608/8-2 is located approximately 33 kilometers northeast of Norne in 337 meters of water.

The plan is to commence drilling as soon as the Ocean Vanguard has concluded drilling a production well on Glitne. The estimated start-up date for drilling well 6608/8-2 is early August 2007.

The Ocean Vanguard received an Acknowledgement of Compliance (AoC) in July 2004.

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