Standard Drilling Elects Rune Steen as New CEO in Singapore

Standard Drilling ASA has hired Mr. Rune Steen as new CEO from June 1, 2009 in the company. Mr. Steen would be located in Singapore close to the operation of the two jointly owned drilling rigs, Naga 2 and Naga 3. Standard Drilling's partner UMW Petropipe is located in Kuala Lumpur, Malaysia and the relocation of Standard Drillings top management to Singapore is a natural step as Standard Drilling move from a project or new-building organization to an owner of rigs on long term charter in with oil companies in South East Asia.

Mr. Rune Steen (43) studied naval arcitechture and marine engineering at the Norwegian University of Sciene and Technology (NTNU). He has extensive technical and management background from Norwegian and international shipping and offshore industry. From 1992 to 2002 he was employed by K.G.Jebsen Skipsrederi AS, engaged in newbuilding and management of open hatch bulkers, tankers, cement ships and terminals. From 2002 to 2005 he was President of Belden Shipping USA Inc., operating cement ships in the Caribbean, North- and South America. From 2006 to 2008 he was Managing Director of Belden Shipping Pte Ltd in Singapore, at that time the worlds largest operator of cement ships. Mr. Steen has since January 2008 been General Manager for Standard Drilling Far East Pte Ltd in Singapore, working together with our partner UMW on newbuilding follow up, management, marketing and operation of Naga 2 and Naga 3. Mr. Steen holds a Norwegian passport and is a resident of Singapore.

Standard Drilling ASA owns 49% of two modern Jackup drilling rigs, Naga 2 and Naga 3. Naga 2 will start working for PCPP shortly and Naga 3 (to be delivered late 2009) is currently not contracted. PCPP is a joint venture between the national oil companies Petronas Caragali of Malaysia, Pertamina of Indonesia and Petro Vietnam of Vietnam. Naga 2 has a 3 year drilling contract off Sarawak, Malaysia.

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