NOK 600 million contract awarded to Odfjell Drilling

March 3, 2004, 13:20 CET

As operator on behalf of several licences, Norsk Hydro Produksjon a.s has awarded Odfjell Drilling a contract for the utilization of the semisubmersible drilling unit Deepsea Delta. The contract value without options is approximately NOK 600 million.

Deepsea Delta will drill an exploration well, a sidetrack in the Vale field, and will also be used for development drilling on Oseberg Vestflanken.

The contract, which is scheduled to commence in the third quarter of 2004, will cover a well programme of approximately 18 months duration and may be extended with six options of six months.

The contract award is subject to approval by the licence owners.