Option for third semi exercised

Awilco Offshore (AWO) has, through its fully owned subsidiary OffRig Drilling, exercised an option with Yantai Raffles Shipyard in China to build the company?s third semi submersible drilling rig, to be named ?WilPromotor?.

The rig will be built to meet the requirements for operating on the Norwegian Continental Shelf. ?WilPromotor? is to be delivered in the fourth quarter of 2009 and will have a price of approximately $310 million. This price includes the contract price with the yard and the drilling package.

AWO holds two remaining options to construct one jack-up drilling rig and one semi submersible drilling rig.