Petrolia

Company Strategy

Petrolia Drilling ASA, a Norwegian publicly listed limited company, was established on March 17th 1997.

It owns and charters drilling vessels for offshore, deepwater oil and gas exploration and development drilling. It intends to continue to expand its current rig fleet through a strategy of acquiring, refurbishing and selectively deploying offshore drilling rigs and drillships on fixed-rate, long-term contracts.

In addition to the acquisition and operation of vessels, the company’s strategic aims include investments in and part-ownership of ships and all activities related thereto, hereunder participation in other companies

Petrolia Drilling ASA focuses its activities on two areas in the petroleum market: drilling and test production.

The company has developed its strategy with particular emphasis on deep water drilling.

Operation and Business Management

The Company utilizes a network of business relationships and personnel to operate efficiently and minimize overhead. An agreement has been made for Larsen Oil & Gas ("LOG") to be business manager for the Company. The agreement has the following main guidelines:
LOG is responsible for:

day-to-day administration through provision of a Managing Director
accounting and budgeting, including reporting to the Board of the Company
external reporting and investor relations functions;
assisting with the commercial and technical operation of the Company’s vessels
LOG is owned by Berge G. Larsen