Aegean Energy contracts Energy Exerter

Aegean Energy has awarded Northern Offshore UK a contract for the jackup Energy Exerter.

Offshore staff

HOUSTON -- Aegean Energy has awarded Northern Offshore UK a contract for the jackup Energy Exerter. The three-well contract is expected to begin in January 2009 and is expected to run for approximately 135 days, inclusive of a 15-day mobilization period from the North Sea to offshore Kavala, Greece.

The estimated contract value is approximately $22.6 million, which is comprised of $18.6 million during the drilling period and $4.0 million in mobilization and demobilization fees. TheEnergy Exerter, currently located in the Pechora Sea, is expected to conclude its contract offshore the Russian Federation in late December 2008 and mobilize directly to Greece.

11/07/2008

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