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Scarabeo 5 to Kristin

July 5, 2002, 12:00 CEST

On behalf of the Kristin licensees in the Norwegian Sea, operator Statoil has entered into an agreement with Saipem SpA for the hire of the Scarabeo 5 drilling rig for 36 months.

The total value of the contract is NOK 1,280 million.

"Scarabeo 5 has the capacity to perform both drilling and completion operations and is a good rig for Kristin," reports Bengt Rasmussen, drilling manager on Kristin.

The rig will however require some upgrading and a five-year class certificate before commencing drilling operations on 1 April 2003.

Scarabeo 5 was built in Italy in 1990 and has been operating on the Norwegian continental shelf (NCS) since delivery from the shipyard.

The pressure and temperature are both higher on the Kristin gas and condensate field than on any other field to be developed on the NCS. There has therefore been an increased focus on health, safety and the environment in the bidding process.

The licensees in Kristin are Statoil with 46.6 per cent, Petoro (18.9 per cent), Norsk Hydro (12 per cent), ExxonMobil (10.5 per cent), Agip (9 per cent) and TotalFinaElf (3 per cent).