Thule Finalizes MOU for Sale of Newbuildings

On November 14, 2008, Thule Drilling entered into an MOU with Middle East interests for the sale of the newbuildings and its BVI company holding 49% of the QGM shares. Thule is now pleased to inform that the terms of the Sales Agreement have been finalized with the buyer.

Before the final signing of the contract, the parties will go through a joint inventory due diligence process, making sure that all equipment is accounted for in its various storage facilities in the UAE, including the QGM yard. Previously, when the company gained access to the yard, Thule took a complete inventory and does not expect any major discrepancies now.

In addition to its regular on-site management, representatives from the Thule Management and Board of Directors are working alongside the buyers to complete this exercise, which is scheduled to be finished on or before December 15, 2008. Thule has agreed a signing ceremony with the buyers to take place on December 15, 2008. The first installment is to be paid thereafter, and then successively over a fourteen month period.

The agreement is confidential until the inventory due diligence process is successfully completed and signing has taken place, yet the company can confirm that the buyer has significant presence in the region within the shipping, offshore and engineering sectors.