Thule Postpones Delivery of Thule Phoenix to Royal Oyster

The Board of Directors of Thule Drilling has negotiated an addendum to the sale and purchase agreement with Royal Oyster regarding the time of delivery for Thule Phoenix. Delivery and payment has been postponed two months, i.e. from March 15 to May 15, 2009, due to the lack of confirmation from the bondholders that they will release their security in the rig following payment for the rig.

It was Thule Drilling who initiated the negotiation to delay delivery because Thule cannot in "good faith" promise Royal Oyster delivery of Thule Phoenix free of mortgages and encumbrances as long as the bondholders do not confirm their intentions.

Currently located off the coast of Alabama, USA, the Thule Phoenix is a semisubmersible drilling rig that Rigzone reported in December 2008 had been sold to the Royal Oyster Group for $5 million in an "as-is" state.