Saudi Aramco to Terminate Contract for Thule Power

In relation to the drilling contract for Thule Power, KCA Deutag, our contract operator and rig manager, has notified Thule Drilling that Saudi Aramco has tendered a "notice of its intention to terminate the Contract, effective December 25, 2007".

Thule is in a dialogue with KCAD to find out more precisely what Saudi Aramco's intentions are.

Thule is seeing interest from several potential buyers/charterers of its rigs, among others from sources in the Middle East.

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