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August 6, 2010

Seawell to acquire Rig Inspection Services

In the regulatory climate following the Deepwater Horizon disaster it seems certain that the market for offshore rig inspection services of every kind can only grow.

Certainly, Hamilton, Bermuda, headquartered Seawell Limited looks to be of this opinion. It has signed an agreement with the shareholders of Rig Inspection Services (RIS) for the purchase of 100 percent of the shares in their two operating companies for a price of NOK 30 million (about $5 million) with a possible additional NOK 30 million based on financial performance over the next two years.

RIS is an inspection services company, based in Singapore and Perth (Australia) and operating on a global basis. It has 56 employees and its customer base includes major oil and contracting companies such as Shell, Chevron, BHP Billiton, Transocean, Diamond Offshore, Noble and Seadrill.

RIS offers specialized industry knowledge and experience with broad inspection expertise. RIS surveyors and inspectors are on call 24/7 to provide services that include rig acceptance and safety surveys, rig condition and benchmark surveys, subsea and surface well control equipment inspection and oil country tubular goods (OCTG) services.

Jorgen Peter Rasmussen, Chairman of Seawell Limited commented: "This is a strategic acquisition for Seawell and an important step in the company's global expansion and service portfolio. The addition of RIS to the Seawell group of companies compliments the Seawell drilling facility engineering capabilities and allows us to offer our clients a very broad range of inspection services on rigs, risers and drilling equipment on a global basis."

RIS and Seawell have plans for further improving the geographic base for RIS services. This includes the early establishment of RIS inspection and survey capability through the Seawell presence in Houston. This will provide improved levels of service to existing RIS clients operating in the Gulf of Mexico, and further assist the response to the expected changes in regulations, following the recent incident there.

Thorleif Egeli, CEO Seawell Management commented: "RIS will be able to capitalize on Seawell's international platform to achieve their expansion goals while the RIS geographical footprint in the Asia-Pacific region will give Seawell an established network for distribution of its services and technologies to a new client group. Furthermore, RIS will provide Seawell with access to services to complete the integrated asset management value chain, with excellent potential for front-end engineering and back-end modification and upgrade projects for our drilling facility engineering group."


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