Jap Driller 1 (Halling Offshore Ltd) (Jackup)

'Jap Driller 1' delivery will be delayed

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15 January 2015

Jap Drilling 1 Ltd., the 100% subsidiary of Halling Offshore Ltd. (“Halling”) that entered into a construction contract with Shanghai Zhenhua Heavy Industries Ltd (“ZPMC”) for a JU-2000E jackup rig has announced that delivery of the unit will be delayed. Jap Driller 1 was originally scheduled to be delivered in March 2015, however, due to the downturn in the offshore drilling market and with no contract in place the unit’s delivery has been delayed. Halling paid a 2% instalment for construction of the rig, with the remaining 98% due upon delivery. The length of the delay is unclear.

Source: http://ferncliff.no/investor_relations_1/content_3/text_1da45b94-2c3b-48df-8bff-8424731a96c0/1421672473918/fernclifftih_companypresentation_january2015.pdf

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