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DRILLING CONTRACT DEEP VENTURE

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Deep Venture is at present under contract with Exxon.

In July 2008 Venture Drilling AS and Maersk Oil Angola agreed to a six months extension starting from the 25 January 2009
until 25 July 2009 at a dayrate of USD 425.000 after withholding tax.

Venture Drilling AS has now signed a 18 month contract with Maersk Oil Angola starting from the 25th of July 2009
at a dayrate of USD 495.000 after withholding tax.


For further information :
please contact Mr. Lars Moldestad - phone +47 55 22 47 10.


Bergen/Oslo, 29th of August 2008.