Det norske oljeselskap ASA has on behalf of the partnerships in PL 203 (Alvheim) and PL 150 (Volund) awarded an agreement to Transocean Offshore (North Sea) Ltd NUF for the lease of the semi-submersible drilling rig Transocean Arctic. The contract scope for drilling of four wells in the Alvheim area (estimated to 250 days (has a market value of approximately USD 44.75 million exclusive options.

The contract has its commencement window during December 2016 and involves the drilling of one exploration well (West Volund in license 150B) and three production wells (two wells in license 150 and one in license 203 / 088BS respectively). The award is for a traditional well contract based on a daily rate and with several flexible options built into the agreement.

The Transocean Arctic is a harsh environment midwater semi-submersible drilling rig also certified for drilling wells in the Barents Sea and under HPHT (high pressure and high temperature) conditions.

About Det Norske

Det norske oljeselskap ASA (DETNOR) specialize in extracting petroleum resources on the Norwegian Continental Shelf (NCS). We are an ambitious company with significant exploration activity. Recently we have taken part in some major discoveries, Sverdrup being the single most important. During the first quarter of 2013 we will start producing our first own oil from Jette – the company’s first development as operator. Det norske has recently submitted Plan for Development and Operation (PDO) for the Ivar Aasen field to the authorities.

About Transocean

Transocean (NYSE: RIG) (SIX: RIGN) is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of, 79 mobile offshore drilling units consisting of 46 high-specification floaters (ultra-deepwater, deepwater and harsh-environment drilling rigs), 22 midwater floaters and 11 high-specification jackups. In addition, including the newbuild drillships announced herein, the company has nine ultra-deepwater drillships and five high-specification jackups under construction.