Contract extension for Aker Barents

Det norske oljeselskap ASA has signed a contract with Aker Drilling for

the charter of the rig Aker Barents for the period from July 2012 to

July 2014. Det norske's current rig contracts expire in 2012. The

charter for Aker Barents ensures that Det norske will have rig capacity

for operations in deep water and in the Barents Sea for the period after

In recent years, Det norske has had up to three rigs under contract

concurrently. Bredford Dolphin's contract expired in 2010. The contract

for Songa Delta expires in 2012.

The contract with Aker Barents is for two years, with an option for a

further two years. The contract stipulates a day rate varying from

450.000 to 550.000 dependent on water depth and where it shall be

deployed.

The contract is expected to cover the company's rig needs in the

Norwegian Sea and Barents Sea. Endeavours will be made to meet the need

for rig capacity in more mature areas of the continental shelf by

chartering rigs on a well to well basis, or by participating in

consortiums.

Det norske's strategy is to carry out exploration in both mature areas

in the North Sea and in more immature areas in the Norwegian Sea and

Barents Sea. Det norske will participate actively in the 21st licensing

round, and access to rigs for drilling exploration wells in areas

covered by the licensing round is seen as important in relation to

securing access to the most promising prospects. The rig has unique

capabilities to operate in deep waters and in the Barents Sea. Access to

rigs that can operate in deep waters, and in areas with a in the Barents

Sea, is very limited.

By extending the contract, Det norske has secured access to a modern rig

that covers the company's plans for drilling in deep waters and the

northern part of Norway. Det norske is with this contract in a strong

position to be a leading player in the coming exploration activities

offshore North Norway the coming years.

Det norske has recently signed agreements for sub-chartering Aker

Barents at higher rates than the company will pay for the rig after

Contacts:

Erik Haugane, CEO, tel.: +47 907 21 655

Knut Evensen, VP Investor Relations, tel.: +47 950 77 622

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