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Marine Log

January 22, 2008

Awilco Offshore secures financing for semi-submersible

Awilco Offshore (AWO) has signed a $335.6 million loan agreement for its third semi-submersible rig, WilPromoter. The loan agreement is with Citibank, Eksportfinans/GIEK and The Export-Import Bank of China.

This financing represents approximately 85 percent of the estimated delivered cost of WilPromoter. The interest rate prior to delivery of the rig is Libor + 125 basis points, and the margin will be significantly reduced when the rig is delivered.

WilPromoter is under construction at Yantai Raffles Shipyard in China with scheduled delivery in the fourth quarter 2009. The rig will be working on an 8 year contract with StatoilHydro for drilling on the Troll field, commencing mid 2010.

With the signing of this loan agreement, all the 13 rigs AWO has in operation or under construction are now financed.

Awilco Offshore has invested in eight jack-up drilling rigs (of which five are under construction), three semi submersible drilling rigs under construction and two accommodation units in operation. The company also holds options for the construction of two semi submersible drilling rigs.

Today, Awilco Offshore took delivery of its fourth Ultra Premium jackup drilling rig. The rig has been delivered from KeppelFELS Shipyard in Singapore on schedule and within budget.

WilBoss is of the KFELS MOD B Class Independent leg design, capable of drilling in water depths up to 400 feet and to drill high pressure and high temperature wells down to 30,000 feet drilling depth.

After completion of operational preparation the rig will be delivered to Premier Oil Vietnam Offshore BV for commencement of its 6 months contract offshore Vietnam early March.

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