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Steel Cutting for Frigstad Deepwater’s Second UDW Newbuild

The steel cutting ceremony for Frigstad Deepwater Rig Beta, the second ultra deepwater drilling unit ordered by Frigstad Deepwater Ltd from CIMC Raffles, took place as planned on 28 February 2014.

On 28 February 2014, the steel cutting ceremony for Frigstad Deepwater Rig Beta, the second ultra deepwater drilling unit ordered by Frigstad Deepwater Ltd from CIMC Raffles, took place as at the Haiyang yard in Shandong province in accordance with the plan.

The steel cutting was jointly initiated by Mr Harald Frigstad, Chairman of the Frigstad Group Offshore and Mr Yu Ya, President of CIMC Raffles.

The 7th generation drilling units ordered by Frigstad Deepwater is of the Frigstad D90™ design, developed by Frigstad Engineering and tailor made for safe and efficient exploration and development drilling in ultra-deep waters. The rigs will be capable of operating in water depths up to 12,000 feet and drilling to a total depth of 60,000 feet. The units will be outfitted with a DP3 dynamic positioning system, full dual activity hydraulic drilling package with 2 x 1,400 sT hoisting capacity and 2 x seven ram BOPs.

Frigstad Deepwater Ltd has, through its subsidiaries, entered into turnkey construction contracts for the delivery of two ultra deepwater semi-submersible drilling units from CIMC Raffles, with options for another four units. The first two drilling units are scheduled for delivery at the end of Q4-2015 and Q2-2016 respectively and the total project cost is approximately USD 1.3 billion exclusive of financing cost. The construction, marketing and operation of the rigs will be managed by Frigstad Offshore.