DSND Signs New Contract for Joides Resolution

Overseas Drilling Limited has signed a contract with JAPEX (Japanese Petroleum Exploration Company) for the use of the drill ship Joides Resolution on a project for exploration of methane hydrates off the coast of Japan. From late November 2003 to mid-January 2004, the vessel will mobilize to Japan, and the JAPEX contract is scheduled to commence mid-January and finalize in May 2004.

On September 30, 2003, the Joides Resolution finalized as scheduled its 18-year contract with Texas A&M Research Foundation for the Ocean Drilling Program and is presently being prepared for the JAPEX project.

The vessel Joides Resolution is owned 100% by Overseas Drilling Ltd (ODL) of which DSND owns 50%.