Det norske extends Aker Barents contract

Det norske oljeselskap ASA extends the contract with Aker Drilling for the lease

of Aker Barents until July 2014.

Det norske oljeselskap's current contract with Aker Drilling expires in July

2012 with the option to extend by another 1+1 year. Det norske oljeselskap has

now agreed to extend the contract with Aker Drilling from July 2012 to July

2014. The agreed rates will vary from approx 450 000 to 550 000 USD per day

depending upon water depths and geographical areas in which the rig is to be

utilised. The total contract value for the two years is estimated in the range

of USD 350 to USD 380 million and is subject to factors including, but not

limited to, exchange rates and operational performance, in addition to the

differentiated rates as outlined above. In addition, the parties have agreed

that Det norske oljeselskap will be given a new, further two year option to

extend the drilling contract from July 2014.

- Aker Drilling has been through a start-up phase, and been able to prove Aker

Barents' unique qualities for safe and efficient drilling operations in harsh

weather conditions in deep as well as shallow waters, says President and CEO

Geir Sjøberg in Aker Drilling.

For further information, please contact:

Geir Sjøberg, President and CEO, Aker Drilling, mobile +47 907 83 083

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1445156]

AI assistant