Husky Oil Inks Deal to Use Deep Driller 5 Offshore China

A Letter of Agreement has been signed with Husky Oil China Ltd. in relation to the possible deployment of the jackup rig Deep Driller 5 offshore China for a 3 firm wells + 3 optional wells program.

Subject to the fulfillment of conditions, the estimated revenues from the firm period of the Contract (with an estimated duration of approximately 180 days) would be approximately US $38.70 million. The deployment is to commence in direct continuation of its present contract, which is expected in the first quarter of 2009.

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