Navis Explorer I Begins Work

Navis Explorer I has now commenced its drilling contract for Petrobras. Navis ASA will receive dayrate as from December 1, 2000. The vessel is located on the Marlin field outside Rio de Janeiro and will drill the first well in 5,577 feet of water. The drilling program for Petrobras will continue through January 2001, before the vessel will move to the Foz do Amazonas to drill two wells for BP Brazil. The drilling program will be concluded with one well for BP (ARCO) outside Trinidad. The complete drilling program is expected to have a duration of approximately 10-12 months.