Sense Edm News

A Norway-based PetroProd D&P I, a wholly owned subsidiary of PetroProd Ltd, has signed an EPC contract with Jurong Shipyard Pte Ltd of Singapore on June 22, 2007 for the construction of one MSC/Gusto CJ70 jack up rig at a cost of approximately $440 million to be delivered in 2010. Petroprod Ltd is a company specializing in mobile production and field development mainly for small and medium size oilfields. It is managed by Larsen Oil & Gas and the main shareholders are associated with Larsen. The company is presently trading over the counter at the Oslo OTC and intends to seek full listing at the Oslo Stock Exchange later this year. The CJ70 is the world's largest jack up rig and is capable of drilling in water depths to 150 meters in harsh environment.

TTS Marine ASA has signed an agreement to purchase all shares in the Norwegian drilling technology company Sense EDM. The company supplies drilling equipment and control systems for the on- and offshore markets.