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The delivery of Ability Drilling's land rig no. 2 is further delayed from sub supplier TTS Sense EDM. According to the contract the rig should have been delivered August 2007. TTS Sense EDM flagged delays and Ability Drilling has previously announced delivery in June/July 2008. Land rig no. 2 is now expected to be delivered end of August 2008. This will postpone the drilling start in Germany of approximately 8 weeks, i.e. the expected drilling start is now November 2008. The delay may cause postponements in deliveries of other rigs ordered by Ability Drilling from TTS Sense EDM, but the companies have started a dialogue regarding further measures to mitigate consequences.
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 and the geothermal market in Europe. Both the land rig market in MENA and the geothermal segment in Europe are markets with strong growth and significant potential. While targeting extension of the geographical footprint within the current focus areas, Ability Drilling also seeks to take advantage of new opportunities emerging, such as drilling of LNG reservoirs.
Ability Drilling has already ordered 11 rigs, of which 10 rigs are still under construction. In addition, the company has options for 33 additional land rigs and 40 additional workover rigs. Ability Drilling's target is to have 20 rigs in operation within 2010.
Ability Drilling is listed on Oslo Axess, with ticker ADRL.
