Newly Delivered Deepsea Atlantic Gears Up for StatoilHydro

Today, February 6, 2009, the Deepsea Atlantic (DSA) was handed over to Odfjell Invest. The rig has a contract with StatoilHydro for the next four years.

"The delivery by the shipyard is an important milestone in this project. The rig will now be moved from South Korea to Norway where certain trials will be carried out before it starts on the contract with StatoilHydro, which is expected to take place in May," said Ketil Lenning, CEO of Odfjell Drilling. "The project has been demanding in terms of both complexity and technology, but, as a result of excellent cooperation with DSME shipyard and the drilling equipment supplier NOV, we have succeeded in building a drilling rig of the highest quality."

The contract for construction of the rig was signed with DSME shipyard in South Korea in 2006. 35 months later, the rig has now been delivered, with a remarkable record of 20 months construction time from steel cutting start.

Deepsea Atlantic is a rig designed for both ultra-deep waters and for the most demanding environments. It has been built in accordance with Norwegian regulations. It is equipped with the best available technology in terms of crew safety, environmental considerations and efficient drilling operations.

Building the rig is part of the company's fleet renewal strategy. Construction of its sister rig Deepsea Stavanger has already started. It is scheduled for delivery by DSME in 2nd quarter 2010. In addition, Odfjell Drilling has in cooperation with Metrostar, two drillships under construction in South Korea for delivery in 2011.

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