First quarter 2008

Awilco Offshore took delivery of its fourth Ultra Premium jack-up drilling rig, WilBoss, in January and the rig started working for Premier Oil Vietnam Offshore B.V. early March.

In March Awilco Offshore took delivery of its fifth Ultra Premium jack-up drilling rig, WilForce. WilForce received a Notice of Tender Award from Repsol Exploration Murzuq S.A in January with scheduled commencement during third quarter 2008.

In January Awilco Offshore signed a loan agreement for its third semi rig WilPromoter. All 13 rigs Awilco Offshore has in operation or under construction are financed.

First quarter 2008
Total revenues for the quarter were MUSD 87.4. Operating revenues, excluding reimbursable revenues and other income were MUSD 79.7. Operating profit before depreciation and amortization (EBITDA) was MUSD 49.8, and operating profit came to MUSD 41.6. EBITDA excluding non-cash elements was MUSD 48.6. 

Profit before tax was MUSD 28.0, and net profit MUSD 20.7. Earnings per share was USD 0.14.

For more detailed information, please see the enclosed First Quarter 2008 Report.

Oslo, May 26, 2008.

For further information, please contact:

Henrik Fougner, Managing Director
Telephone +47 22 01 43 00

Arnstein Hernes, CFO
Telephone + 47 974 06 241

Awilco Offshore ASA is an international offshore drilling contractor owning and operating five jack-up drilling rigs and two accommodation units. Another three jack-up drilling rigs and three semi submersible drilling rigs are under construction.  The company also holds options for the construction of two semi submersible drilling rigs.

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