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ORDER OF A NEW HARSH ENVIRONMENT ULTRA-DEEPWATER SEMI SUBERSIBLE DRILLING RIG

A wholly owned subsidiary of Fred. Olsen Energy ASA has entered into a turnkey contract with Hyundai Heavy Industries Co., Ltd. for the building of a harsh environment ultra deepwater semi submersible drilling rig with scheduled delivery in March 2015. Total project cost is estimated to USD 700 million (including spare parts, owner furnished equipment and yard project team). Another subsidiary for Fred. Olsen Energy ASA has been granted an option from Hyundai for the purchase of a similar second drilling rig exercisable within October 2012. 

SDRL - Seadrill Limited announces order of a new harsh environment semi-submersible drilling rig

SDRL - Seadrill Limited announces order of a new harsh environment semi-submersible drilling rig Hamilton, Bermuda, May 4, 2012 - To benefit from the current strong demand for high specification drilling units Seadrill is pleased to announce that it has entered into a turnkey construction contract with Hyundai Samho Shipyard for the construction of a new harsh environment semi-submersible drilling rig. The new rig will be a sister rig of the harsh environment semi-submersible unit Seadrill's subsidiary North Atlantic Drilling currently have under construction at Jurong Shipyard in Singapore. The new rig will be of a Moss CS60 design, N class compliant and be fully winterized to meet the harsh and demanding weather conditions in the North Atlantic areas. In addition, the new rig will have premium ultra deepwater capabilities including water depth of up to 10,000 feet. The new rig is scheduled for delivery in the fourth quarter 2014. Total estimated project costs is less than US$650 million including a turn key yard contract with a back-end loaded payment structure. In addition, Seadrill has agreed a fixed price option for one further unit from the yard. Seadrill has already received charter interest in the firm unit. With the strong demand Seadrill feels it is likely that the option will be exercised. However, a final decision will not be taken before August 2012.