Statoil signs with Odfjell Drilling

A letter of intent worth about $350 million for use of the Deepsea Bergen drilling rig in the Halten-Nordland area of the Norwegian Sea has been signed with Odfjell Drilling by Statoil.

Offshore staff

(Norwegian Sea) - A letter of intent worth about $350 million for use of theDeepsea Bergen drilling rig in the Halten-Nordland area of the Norwegian Sea has been signed with Odfjell Drilling by Statoil.

The rig will be used for development drilling and exploration in the areas near the Heidrun, Norne and Åsgard fields.

The agreement is valid for three years.

Plans call for Statoil to take over the rig in the 2Q 2008.

The letter of intent is subject to approval by Statoil's partners in the production licenses for Heidrun, Norne and Åsgard.

02/09/06

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