TTS Marine Inks Deal with Mexican Company to Deliver 5 Land Rigs

Through its subsidiary TTS Sense Canada Ltd, Edmonton, TTS Marine ASA's Drilling Equipment division has entered into a contract with the Mexican company Maquinaia, Ingenieria y Proyectos del Puerto S.A. de C.V (MIPPSA) worth approximately NOK 320 million.

The contract landed concerns delivery of five (5) Ultrasingle 150 Ton 'Rack & Pinion' mobile land rigs with delivery during second half of 2009.

This contract contributes to strengthen the position for TTS as a supplier of land rigs worldwide and to Mexico in particular.

TTS Sense is a supplier of high-end drilling equipment to the international oil and gas industry, on and offshore. The company delivers three different sizes of mobile land rigs. The 250 tons rigs are delivered from the division's company in Norway, while the company in Canada is responsible for 125- and 150 tons rigs. The company in Canada has previously delivered several similar rigs to other customers.

The land rigs are based on TTS' patented 'Rack and Pinion' technology and offshore technology as far as control, automation, environment and security concerns and thus represent high-end technology for land rigs.