Awilco Awarded Additional Option at Yantai Raffles

Awilco Offshore ASA (AWO) has been awarded an option to build a possible fifth semi submersible drilling rig at Yantai Raffles Shipyard. The option can be exercised until end December 2008, and would have a building period of 33 months from exercise. The additional option has been awarded AWO as part of an agreement with the yard to reschedule the delivery of the first rig, WilPioneer with 3 months to October 2008. AWO announced in the second quarter report that such a 3 months longer building period was expected.