April 24, 2005

Signal International awarded $35.5 million rig conversion contract

Signal International, LLC, says it has signed a contract with ETESCO Millennium Partners, LLC to convert the semi-submersible drilling rig Odin Millennium to a 272 bed accommodation vessel and offshore construction and repair platform.

Dick Marler, President and CEO of Signal International, said the $35.5 million project would be performed at Signal's East Bank yard in Pascagoula, Mississippi.

According to Mike Mullen, President of ETESCO Millennium Partners, LLC, important factors influencing the choice of Signal International were the company's reputation for excellent management, quality, productivity and safety.

The state of the art vessel will be moved to Brazil where it will be under a four-year contract Petrobras.

In addition to the new accommodation block, the vessel will have workshops, office space; store rooms and added main deck storage.

Entertainment facilities include a swimming pool, two cinemas, two large screen TV rooms, two game rooms and lounge areas for leisure activities.

Signal International has awarded QCI Marine Offshore LLC, the accommodations and inside electrical work on the project.

Mullen has assembled a world-class team to operate the rig in Brazil. Team members include Etesco, a Brazilian company that will bare-boat charter the rig to Petrobras and Workships, a Dutch company that will operate the rig

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