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PRESS RELEASE

New major contract for Nymo in Grimstad. While other Norwegian shipyards have lost large offshore contracts to shipyards in Asia recently, Nymo wins a contract to supply drilling facilities to China.

Nymo has signed a contract with Yantai CIMC Raffles Offshore in China for the design and construction of a drilling module for the North Dragon drilling rig. The contract also includes options for the delivery of two additional drilling rigs.

Nymo previously delivered a number of drilling facilities to China, but this is the first project where the contract is directly with a Chinese shipyard.

This is one of the largest contracts Nymo has signed, and confirms its position as a leading supplier of drilling modules internationally.

The drilling module weighs approx. 2,300 tons and has a working volume of just over 300,000 hours. It will be mounted on a GM-4D Semi-sub. The drilling equipment for the rig is supplied by National Oilwell Varco (NOV).

The entire rig including the drilling deck will be classified by DNV.

The drill deck will be designed according to zero emission requirements and will therefore be equipped with extensive drainage facilities and waste management schemes.

The working environment on board must meet the requirements for DNV notation Winterized Basic, which means that the entire drill deck must be built in.

The design work starts in March 2013 and the module will be delivered in December 2014. If the options are exercised, they will be delivered in 2015 and 2016.

The project is a result of Nymo's close collaboration with NOV in Kristiansand. Nymo will design and build the drilling module, while the drilling equipment is supplied by NOV.

Why does Nymo succeed despite the Norwegian cost level?

With the Norwegian cost level, it is difficult to compete for assignments in new offshore developments, so the key is specialization. Through close collaboration with drilling equipment suppliers in Kristiansand, Nymo has developed into a technology company with special expertise in the design and construction of drilling facilities. Customers have found that the construction of the floating rig in Asia at low cost, combined with the complex drilling system designed and built by Nymo, has been an optimal solution.

Nymo helps to ensure high quality and safe delivery.

This is a total contract, but Nymo has also completed a number of design contracts, and our design of drilling facilities is currently in high demand internationally. We expect new design contracts this spring and are constantly recruiting engineers to meet demand.

Our markets are primarily China, Singapore and Brazil.

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