Grenland Signs Contract with CNOOC to Extend Production at Liuhua 11-1

Grenland Group has signed a contract with China National Offshore Oil Corporation that initially involves an evaluation of prolonged production at Liuhua 11-1, one of the longest producing oil fields of China.

This is the first contract Grenland Group has signed with a Chinese oil company, and represents a breakthrough of the company's engagement in China. The contract, valued at about NOK 5 million, includes a study of whether the semi submersible platform of the Liuhua 11-1 field can be upgraded offshore, or if it has to be taken onshore for this upgrade. Grenland Group will be well positioned for further contracts in this project.

Grenland Group established itself in China by opening an office in Shanghai in January 2008, and is now in the process of recruiting engineers.

In January, Grenland Groups also signed a strategic cooperation agreement with companies, Jiangsu Rongsheng Heavy Industries Co., Ltd. and XAC Group Import and Export Co., Ltd.