Tuesday, August 21, 2007

Awilco Offshore ASA - WilBoss Awarded Contract For Operation Offshore Vietnam

Oslo, Norway, Aug 20, 2007 - (Hugin via ACN Newswire) - Awilco Offshore through Premium Drilling has entered into a Contract with Premier Oil Vietnam Offshore BV ("Premier") for the jack-up drilling rig, WilBoss. The contract with Premier is for 6 months operation offshore Vietnam. If the firm contract period is increased to 12 months prior to commencement, Premier will be given an option for a further 12 month period.

The firm contract value for 6 months is approximately USD 40 mill. The contract is to commence during the first quarter 2008.

WilBoss is under construction at KeppelFELS Shipyard in Singapore and is scheduled for delivery at the end of the fourth quarter 2007. WilBoss is Awilco Offshore's fourth jack-up newbuilding and is equipped for high pressure/ high temperature drilling in water depths up to 400ft.

Oslo, August 20, 2007

For further information, please contact:

Henrik Fougner, Managing Director Telephone: +47 22 01 43 00

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 one option for the construction of one further semi submersible drilling rig.

Awilco Offshore ASA


ISIN: NO0010255722

Stock Identifier: OSE.AWO