AWO Prospectus PETROJACK offer - COSL Drilling Europe AS

Technical mgr.: Polycrest AS, an independent manager of
offshore units
Employment: Contract to Oct 2006 with ConocoPhillips
for employment on the Ekofisk field. T/C
contract with a rate of USD 55,500 per day
to Oct 2005 and USD 68,000 per day from
Oct 2005 to Oct 2006.
Charterer has 4x1 year options to extend the
contract. Rates for the first option year are
USD 68,000 per day. Rates for the next
three option years are subject to negotiation
and the options therefore have character of a
right of first refusal. Options must be
declared one year in advance.
Opex: Norwegian sector employment – about USD
25,000 – 28,000 per day
OSM Offshore AS, an independent manager
of offshore units
The unit is currently employed at the Eldfisk
field with client Conoco Phillips Norge.
Commencement was early September and
duration is 10 months. Gross contract value
is approximately USD 24.5 million.
The unit will thereafter be employed for
Aker Kværner for UK/Norwegian sector on
the Frigg field for the period July-October
2006 at a rate of USD 130,000 per day (with
cost compensation if employed on
Norwegian sector). This contract further
covers three months in the spring of 2007 on
similar terms.
Norwegian sector employment – about USD
31,000 – 34,000 per day
UK sector employment – about USD 25,000
– 28,000 per day
Idle periods – costs will depend on duration
but normally there will be full opex one
month before and after contract; when fully
idle about USD 10 – 12,000 per day
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