Skeie Inks Contract for Jackup SKDP 2

Skeie Drilling & Production ASA has signed the final drilling contract with Skeie Energy AS for the lease of SKDP 2, the second jackup rig to be delivered from Keppel FELS Shipyard in Singapore in 3rd quarter 2010.

The contract is a firm 3 years lease with the option for Skeie Energy AS to extend the firm contract period up to 5 years. This option has to be exercised within September 30, 2010. The contract also contains optional lease periods beyond the firm contract period for up to 5 years. The contract follows the terms set down in the letter of intent which was signed January 11, 2008 except for the capex part of the lease, which will be adjusted to market rate.

Skeie Energy AS is presently owned 68% by Skeie Technology AS. Today a letter of intent has been entered into between Skeie Technology AS and an international integrated oil & gas company, whereby the last mentioned company is to acquire 52% of the shares of Skeie Energy AS. A final sale and purchase agreement is targeted to be entered into within August 31, 2008. After the completion of this transaction Skeie Technology AS will own 24,3% of the shares of Skeie Energy AS.

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