AOR1

Asia Offshore Drilling Ltd (AOD) has signed a drilling contract whereby AOD’s first jack-up drilling rig AOR-1 will be leased to a reputable client. The charter has been entered into and will be managed by Seadrill, on behalf of AOD. The contract duration is a minimum of three years plus a one-year option. The potential revenues for the three year period are approximately US$197 million plus a US$39.5 million mobilization fee which includes certain upgrades, other mobilization costs and day rate during the mobilization period. The rig is currently under construction with Keppel FELS in Singapore and is scheduled to start operations in June 2013.