Petrolia

Deep Water Drilling

In deeper, more open waters over continental shelves, drilling is done from free-floating platforms or from platforms made to rest on the bottom. Floating rigs are most often used for exploratory drilling, while bottom-resting platforms are usually associated with the drilling of wells in an established field.

One type of floating rig is the drill ship. This is an ocean-going vessel with a derrick mounted in the middle, over an opening for the drilling operation. The ship is usually held in position by six or more anchors, although some vessels are capable of precise maneuvering with directional thrust propellers.

Petrolia Drilling controls 50% of DS Deep Venture which commenced on an 18 month contract with ExxonMobil ultimo June 2007. The gross value of the contract is in the mUSD 200-220 range. The contract was recently extended, and DS Deep Venture will be engaged for Maersk Oil Angola until 25 July 2009.

Venture Drilling AS has agreed to a further 18 months contract with Maersk Oil Angola starting from the 25th of July 2009 at a dayrate of USD 495,000 after withholding tax.

A more stable platform is obtained with semi-submersible vessels. In these vessels, buoyancy is afforded by a hull that is entirely underwater, while the operational platform is held well above the surface on slender supports. Normal wave action affects the platforms very little. These vessels are also kept in place during drilling by either anchors or precise maneuvering.

Petrolia Drilling ASA is a major shareholder in PetroMENA ASA which currently have three semi submersible rigs under construction at Jurong Shipyard in Singapore. The rigs are harsh environment 6th generation units designed for drilling in ultra deep waters in areas such as Brazil, the Gulf of Mexico and West Africa. PetroRig I and II have entered into 5 years contracts with Petrobras, for operations in the Gulf of Mexico and offshore Brazil, with gross values of mUSD 700 and mUSD 645 respectively. PetroRig III has entered into a 5 years contract with Pemex with a gross value of mUSD 942.