Contract for semi-submersible drilling rig PetroRig 1

Petroleo Brasileiro S.A. for work offshore Brazil and Petrobas America Inc. for work in Gulf of Mexico have signed a 5 year drilling contract with Larsen Oil and Gas Ltd of Aberdeen Scotland for the new build deepwater (3050m) semi-submersible drilling rig PetroRig 1.

The contract will commence upon delivery of the rig, owned by PetroMENA AS, from the Jurong Shipyard in Singapore the 2nd quarter 2009.