Ability Drilling AS (OSL:ADRL) Ability Drilling And TTS Sense Has Agreed On A Revised Delivery Schedule Of Future Rigs

Ability Drilling AS (OSL:ADRL) Ability Drilling and TTS Sense has agreed on a revised delivery schedule of future rigs

Ability Drilling and TTS Sense has agreed on a revised delivery schedule which is basically in line with principles referred in Ability Drilling's Q3 report.

The agreement includes a right for Ability Drilling to postpone delivery of rig 5-9 up to 18 months. The postponement facilitates high focus on completion of our Drilling Rigs no. 3 and 4, both rigs expected to be delivered in line with Ability Drilling's published schedule in the Q3 report. The planned delivery dates for these rigs will also meet the required commencement dates on contracts awarded to Ability Drilling so far. Furthermore the agreement allows Ability Drilling to build a track record and improve the basis for future capital raising. The parties have also carried out a general revision of the executed delivery contracts, including adding a standard cancellation clause in accordance with established industry standards.

Hans Petter Eikeland, CEO in Ability Drilling, says: "This gives us the necessary industrial flexibility going forward."

For further information, please contact:

CEO Hans Petter Eikeland, phone +47 56 32 43 43, or +47 93 20 81 77 CFO Kenneth Tunes, phone: +47 56 32 43 43, or +47 91 54 49 01

About Ability Drilling ASA: Ability Drilling aims to become the preferred operator and provider of Rack & Pinion (R&P) rigs in its defined core markets, by combining fourth generation drilling technology with outstanding drilling experience from offshore North Sea exploration and production activities.

The Company currently targets onshore oil operations in the MENA (Middle East North Africa) market, the geothermal market in Europe, as well as the market for drilling of LNG reservoirs. Both the land rig market in MENA and the geothermal segment in Europe are markets with strong growth and significant potential, while the market for drilling of LNG reservoirs is an emerging growth segment. Ability Drilling targets extension of the geographical footprint within all current focus areas.

Ability Drilling has so far ordered 11 rigs, of which 9 land rigs, one 150 T workover rig and one 150 T Ultra Light Drilling Rig. In addition, the company has options with construction partner TTS Sense for 33 additional land rigs and 40 additional workover rigs.

Ability Drilling is listed on Oslo Axess, with ticker ADRL.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Ability Drilling AS

http://www.ability-drilling.com/

ISIN: NO0010333024

Stock Identifier: OSE.ADRL