Petrorig I Completes Construction, on Track to Start GOM Operations

Larsen Oil & Gas Ltd.

Petrorig I, the first unit of a series of four Larsen Oil & Gas ultra-deepwater semisubmersible drilling rigs on order with Sembcorp Marine's subsidiary Jurong Shipyard, has completed its turnkey construction within schedule and is well on track for her maiden assignment in the Gulf of Mexico.

The semisubmersible rig, owned by Larsen Oil & Gas-managed PetroMena ASA of Norway, was officially named Petrorig I by Lady Sponsor Mrs. Liv Berge Halvorsen, wife of Mr. Berge Gerdt Larsen, owner of Larsen Oil & Gas, in a ceremony attended by key representatives from Jurong Shipyard and rig charterer Petrobras America.

Shortly after the ceremony, the rig will set off for the anchorage for thrusters installation and commissioning as well as sea trial. The rig is scheduled for delivery and sail-away in March 2009 for a five-year charter with Petrobras America for operations in the Gulf of Mexico.

Petrorig I, built using Jurong Shipyard's proprietary breakthrough techniques for fast-track semisubmersible construction, is a 6th generation Friede & Goldman's Ex-D Millennium Class design semi-submersible rig capable of drilling up to 37,500 feet while operating in dynamic positioning mode in ultra-deep waters of up to 10,000 feet. The rig is equipped with an operational displacement of 43,400 metric tons at 17 meters draft and 46,750 metric tons at 20 meters draft, 18,000 square feet of usable deck space, and is capable of a variable deck load capacity of up to 8,000 tons.

Sister units Petrorig II and Petrorig III, the second and third Larsen Oil & Gas semisubmersible rigs under construction in Jurong Shipyard, have also obtained longterm charter contracts. Petrorig II has secured a five-year charter from Petrobras Brasileiro S.A. for drilling offshore Brazil, while Petrorig III has been awarded a five-year charter contract with Pemex for deployment offshore Mexico.

Martin Nordaas, Project Director of PetroRig I and General Manager of Larsen Oil & Gas, said, "The fast-track and on-time completion of Petrorig I, our first of a series four ultra-deepwater semisubmersible drilling rigs with Jurong Shipyard, marks another landmark achievement in the Larsen-Jurong partnership. Jurong Shipyard's innovative rig-building capabilities and strong management expertise have played a vital role in Petrorig I's success in this challenging environment and we salute each and everyone in the team for achieving this significant milestone. We are confident that Jurong Shipyard will continue to deliver results and meet our high expectations."

Wong Weng Sun, Managing Director of Jurong Shipyard, said, "Jurong Shipyard shares the pride and joy of Larsen Oil and Gas on this milestone occasion as they celebrate the turnkey completion and naming of their first ultra-deepwater semisubmersible drilling rig Petrorig I. The on-schedule completion of Petrorig I is the result of effective co-operation between the builders, owners and suppliers. We would like to wish PetroRig and Petrobras, all the best and success with this highperformance semisubmersible in its operations in the Gulf of Mexico."