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New cased hole wireline service contract

August 17, 2006, 14:30 CEST

Hydro has signed a letter of intent for a contract with Seadrill Management AS for the supply of cased hole wireline services onboard Hydro's offshore installations. The agreement is for three years and includes an extension option for three two-year periods. The contract, options exclusive, has a value of approximately NOK 600 million.

The contract will provide Hydro with complete cased hole wireline services, including mechanical wireline service, electrical wireline service and tractor service.

Seadrill Management AS will have full responsibility for the planning, logistics, performance and results of all services under this contract, including those subcontracted. This will improve the efficiency of all services and allow Hydro to pursue its extensive well-servicing activities now and in the future.

The supply and services provided by the contract will be performed on Hydro's offshore installations on the Norwegian Continental Shelf. The contract will commence September 15, 2006.