Drillship heads for Equatorial Guinea

Venture Drilling AS has agreed to a drilling contract with Exxon Mobil Corp. The 18-month contract for the Valentin Shashin drillship is valued at $200-220 million.

Offshore staff

BERGEN, Norway -- Venture Drilling AS has agreed to a drilling contract with Exxon Mobil Corp. The 18-month contract for the Valentin Shashin drillship is valued at $200-220 million.

The Valentin Shashin, which is to be renamed Deep Venture departed Cape Town, South Africa, on May 31, 2007, after reactivation and classing. Final acceptance will take place when the drillship is on site off Equatorial Guinea.

Venture Drilling expects the rig to be on site in Equatorial Guinea by the end of June.

Venture Drilling AS is owned 50/50 by Sinvest ASA and Petrolia Drilling ASA.

6/1/2007

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