Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Petrolia Drilling Sembcorp Marine's Jurong Shipyard and Larsen Oil & Gas today (30 June 2008) announced an agreement to construct a new deepwater semisubmersible drilling rig, identical to the three PetroMena rigs (Friede & Goldman Ex-D design) already under construction at Jurong.
The new rig will have a construction cost of MUSD 640, excluding project management and financing costs.
The new rig will be constructed under a turnkey contract, with Larsen Oil & Gas as rig construction manager. The rig is scheduled for delivery 30 April 2011.
Petrolia Drilling ASA ("Petrolia Drilling") through a 100% subsidiary has agreed to subscribe for 30 percent of the shares in a new single purpose rig company registered on Cayman Island. Petrolia Drilliing estimated commitment equals approximately MUSD 50, which will be funded from available cash reserve.
The remaining 70% of the equity is already committed by a limited group of institutional investors arranged by Arctic Security. Bank financing and other dept financing will fund the remaining capital need of the rig.
Petrolia Drilling is pleased to make additional investments in high quality deepwater drilling assets in accordance with the Company's strategy.
ABOUT PETROLIA DRILLING Petrolia Drilling owns, charters and invests in drilling vessels for offshore oil and gas exploration and drilling. Petrolia Drilling intends to continue expanding its rig exposure by acquiring or investing in offshore drilling rigs and drillships deployed on fixed-rate, long-term contracts. For further information please refer to www.petrolia.no or information released on Oslo Børs / newsweb.
Petrolia Drilling ASA 30 June 2008
For further information, please contact: Lars Moldestad, managing director, telephone: +47 906 99 197
