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Awilco Secures a Five Year Contract With Arabian Drilling Company

Source: 9/6/2005, Location: Middle East

Awilco Offshore ASA has entered into a five year bare-boat contract with Arabian Drilling Company for the employment of the Ultra Premium jack up drilling rig WilPower. The contract value is approx. USD 131 mill. Arabian Drilling Company will employ the rig in Saudi Arabia and will be responsible for all operating and local expenses. The rig will commence work under the contract in July 2006.

Following the five year charter, Arabian Drilling Company has the option to extend the bare-boat contract for a further year for a contract value of approx. USD 33 mill, also excluding operating expenses.

WilPower is currently under construction at PPL Shipyard in Singapore and is to be delivered in the second quarter of 2006.

Premium Drilling will be responsible for managing the charter.

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