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Marine Log

May 4, 2006

Drillship orderer lists

Ferncliff Drilling ASA has listed on the Norwegian OTC market (ISIN:NO0010313786, ticker FERN).

Ferncliff Drilling has entered into a turnkey Letter of Intent with Samsung Heavy Industries for construction of a 6th generation ultra deepwater drill ship, described by Samsung as the world's largest. According to a Norwegian OTC company announcement, the letter of intent includes an option for a second ship.

The OTC announcement says that Ferncliff Drilling was initiated and founded by Oystein Spetalen and associates in 2006.

Outside of Norway, Spetalen has most recently been in the headlines as the "flamboyant Norwegian investor" behind a recent attempt to take control of Britains Liverpool Football Club.

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