Frigstad Signs Contract for Semi-subs With Daewoo

Frigstad Offshore Drilling Ltd., has just signed with Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) of Korea , to build 2 ultra-deepwater semisubmersible drilling units. The expected delivery of the first unit is forth quarter of 2008 and six months later for the second unit. Total building cost for each rig is 500 Million US$ - all in, Incl. financing cost.

These units, named the D90s, are at the very top of the range of modern Ultra Deepwater Drilling Units. The D90 is designed to operate in more than 90% of the worldwide deep water market. The D90 has the largest open and free deck space compared with any of the new ultra deepwater Semi designs in operation worldwide.