Yantai Raffles Shipyard has agrees to extend the April 5, 2007 deadline for executing the contract to build a second rig similar to the 'SS Frigstad Oslo', which is currently under construction at Rantai Raffles. Within this agreement, Frigstad may now declare the option anytime before June 5, 2007.

There is no added cost for Frigstad to extend this option. The added cost, if the option is declared, is 1% per month of the Yard cost.

Within the same agreement, also have an option to build yet another rig at YRS, whether or not the above option is declared. The due date for this option is 5th October 2007, or 6 months after the effective date for the 2nd rig option.

Frigstad Discoverer Invest is building the most powerful semisubmersible with a Dual Ram Rig, and a water depth capability of 12,000 feet. The company holds options for two sister rigs at the same yard. The estimated all inclusive cost for rig number one, which will be delivered in September 2009, is US $600 million.