Ability Calls Off Frame Agreement Option, Land Rig to Be Delivered in 2010

TTS Marine ASA's Drilling Equipment Division by its subsidiary TTS Sense as in Kristiansand, has received a call off from Ability Drilling ASA, Bergen, Norway, worth approximately NOK 40 million.

Ability Drilling ASA has called off an option included in the frame agreement between the two companies to produce and deliver one (1) Ultrasingle™ 150 tons Work-over 'Rack & Pinion' Land Rig. The intention is to sign a firm and effective contract end January 2009, with delivery of the rig first half 2010.

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 with capacity of 250, 150 and 125tn respectively.

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.