Press release Odfjell Invest Ltd Friday 23 February 2007 regarding exercise of option for additional semi submersible drilling unit to be constructed at DSME in South Korea.
Bermuda, 23 February 2007The Board of directors of Odfjell Invest Ltd. has in a board meeting held on 22 February 2007 resolved to declare its option to construct one semi-submersible drilling rig (Rig 2) at Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea. The option is valid until 24 February 2007, and the delivery of the additional unit will be a date not later than 30 June 2010.The total construction cost is estimated to approximately USD 645 mill. excluding financing cost, as compared to the first rig of USD 598 mill. excluding financing cost. Approximately USD 100 mill. is contemplated to be financed through new equity. The Company is of the opinion that the terms and conditions for the exercising of the optional rig are favorable.
Contact for further information:Ketil Lenning - ChairmanPhone: +47 55 998900 / Mobile: +47 91190811