Awilco Offshore ASA secures contract for new jack-up drilling rig WilBoss from Premier Oil Vietnam Offshore BV

Nordic Business Report, August 20, 2007

NORDIC BUSINESS REPORT-20 August 2007-Awilco Offshore ASA secures contract for new jack-up drilling rig WilBoss from Premier Oil Vietnam Offshore BV(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian offshore drilling rigs and accommodation units company Awilco Offshore ASA said on Monday (20 August) that it has secured a contract for its jack-up drilling rig WilBoss from Premier Oil Vietnam Offshore BV.

The contract covers six months of work offshore Vietnam, beginning in the first quarter 2008, and is valued at approximately USD40m excluding options.

Under the agreement Premier will be given an option for a further 12 month period if the firm contract period is extended to 12 months before its commencement.

The WilBoss is currently under construction at KeppelFELS Shipyard in Singapore.

Awilco Offshore, headquartered in Oslo, Norway, currently has eight drilling and two accommodation units in operation. The company is listed on the Oslo Stock Exchange and traded under the ticker AWO.

One British pound (GBP) is worth approximately 1.97 US dollars (USD).

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