Nyheter for Thule Drilling AS

Fjerning av aksje: Thule Drilling AS (THUL)

Corporate actions

2011-10-25 15:07:12

Thule Drilling AS (ISIN:NO0010263056, ticker THUL) er fjernet fra handelsstøttesystemet

THUL - Thule Drilling AS - konkurs - åpning

Company news

2010-09-17 10:12:06

Denne meldingen er publisert av Norges Fondsmeglerforbund. Det er åpnet konkurs i boet til Thule Drilling AS. Selskapet blir dermed umiddelbart flyttet fra A- til B-listen.

Thule - General Meeting of Shareholders

Company news

2010-07-06 09:53:59

The Annual General Meeting of Thule Drilling AS was held in Asker. All items on the agenda were approved by the shareholders present as proposed by the Board of Directors. The minutes are enclosed.

For further inquiries, please contact:
Chairman Mr. Aage Thoen on +47 9156 0601

Thule - Innkalling til ordinær generalforsamling / Notice of Annual General Meeting

Company news

2010-06-22 17:13:54

Det innkalles herved til ordinær generalforsamling i Thule Drilling AS 29 juni 2010 kl. 13.00 i selskapets lokaler i Vakåsveien 9A, Asker. Innkallingen er vedlagt.

Notice is hereby served that the annual general meeting of Thule Drilling AS will be held 29 June 2010 at 1 pm in the companys offices in Vakåsveien 9A, Asker, Norway. The notice is enclosed.

Thule - Thule Drilling wins over Bondholders in bankruptcy case

Company news

2010-05-25 16:49:19

Thule is pleased to announce that Asker og Bærum Tingrett today ruled in Thule's favour in bankruptcy proceedings opened by the Bondholders. Thule's Board and Management continue their work to find a compromise settlement as soon as possible.

For further information please contact Chairman Mr. Aage Thoen on +47 9156 0601

Thule - Thule Drilling bids USD 40 million for all bonds

Company news

2010-05-19 16:02:28

In a letter to Norsk Tillitsmann today, Thule Drilling AS has requested that the Bondholders' Trustee call for a Bondholders Meeting in relation to a cash bid for the Company's three outstanding bonds. The call option price is USD 40 million.

The letter is attached hereto.

Thule - Regarding Notice of legal proceedings USD 420 million against Instructing Bondholders/NT

Company news

2010-05-19 15:55:49

On 16 April 2010 Thule Drilling presented Norsk Tillitsmann with notice of damage action against Instructing Bondholders/Norsk Tillismann ASA. The notice was based on actions by Instructing Bondholders and Norsk Tillitsmann hindering accomplishment of the company's Sales and Purchase agreement with Royal Oyster. The actions are accounted for in a letter to BA-HR in March 2009. The letter is enclosed.

Thule - Notice of legal proceedings USD 420 million against Instructing Bondholders/NT

Company news

2010-04-16 14:57:12

Thule Drilling has presented Norsk Tillitsmann with notice of damage action against Instructing Bondholders/Norsk Tillismann ASA. The notice is enclosed.

Thule - Tax ruling, sale of Thule Challenge will be contested

Company news

2010-03-03 12:05:43

Reference is made to our press release of 25 February 2010 regarding the negative ruling concerning the tax treatment of the intragroup sale of Thule Challenge in the 2006 tax year.

The Company and its advisors have decided to contest the ruling.

For further information please contact Chairman Mr. Aage Thoen on +47 9156 0601.

Thule - Tax ruling, sale of Thule Challenge

Company news

2010-02-25 09:30:04

The Company has received a negative ruling from the Asker and Bærum District Court concerning the tax treatment of the intragroup sale of Thule Challenge to the subsidiary Zelie Industrial Ltd in the 2006 tax year. The ruling involves an increase of the Company's income tax for 2006 in the total amount of NOK 126 million, and 60% surtax. The ruling does not involve payable tax for 2009 and the increased income has been treated over the profit and loss account since 2006.

The Company and its advisors have not yet made a final decision as to whether to contest the ruling.


For further information please contact Chairman Mr. Aage Thoen on +47 9156 0601.

Thule - Write-down of share capital cancelled

Company news

2009-12-21 08:48:12

The Annual General Meeting on 28 May 2009 voted for a write-down of the share capital and pertinent amendment to the Articles of Association of Thule Drilling AS. Such write-down is subject to consent of the creditors. Thule has received an objection to the write-down, which will not be effectuated.

Thule - Notice from bondholders' meetings

Company news

2009-11-06 14:23:57

Please see attached notice from today's Bondholders' meetings.

Thule - Letter to bondholders' meeting

Company news

2009-11-05 11:39:26

Thule has received the attached letter from one of the company's bondholders, requesting that the letter be distributed to all bondholders prior to the bondholders' meeting 6 November 2009.

Thule - Request for a Bondholders Meeting

Company news

2009-10-23 17:19:44

In a letter to Norsk Tillitsmann today, Thule Drilling AS has requested that the Bondholders' Trustee call for a Bondholders Meeting in relation to a cash bid for the Company's three outstanding bonds.

The letter is attached hereto.

For further information please contact Chairman Mr. Aage Thoen on +47 9156 0601

Thule - Extraordinary General Meeting of Shareholders

Company news

2009-10-07 17:41:29

An extraordinary General Meeting of Thule Drilling AS was held in Asker. All items on the agenda were approved by the shareholders present. The minutes are enclosed.

For further information contact Chairman Aage Thoen on +47 9156 0601

Thule - Court rules that Norsk Tillitsmann does not have standing to sue on behalf of bondholders

Company news

2009-10-05 10:52:40

In a ruling by the Oslo Municipal Court, dated 15 April 2009, it was held that Norsk Tillitsmann ASA did not have standing to sue on behalf of the bondholders in connection with a guarantee issued by NorInvest Ltd. as guarantor for Thule.

On 30 September 2009, the above referred ruling was affirmed by an unanimous ruling of the Borgarting Court of Appeals. NorInvest Ltd. was awarded litigation costs for both instances.

For further information please contact Chairman Mr. Aage Thoen on +47 9156 0601

Thule - Innkalling til ekstraordinær generalforsamling

Company news

2009-09-23 16:17:52

Det innkalles herved til ekstraordinær generalforsamling i Thule Drilling AS 7 oktober 2009 kl. 15:00 i selskapets lokaler i Vakåsveien 9A, Asker. Innkallingen er vedlagt.

Thule - Notice of Extraordinary General Meeting

Company news

2009-09-23 16:14:59

Notice is hereby served that an extraordinary general meeting of Thule Drilling ASA will be held 7 October 2009 at 3 pm at in the Company's offices at Vakåsveien 9A, Asker. The notice in enclosed.

Thule - Organizational changes

Company news

2009-09-04 10:53:41

Following the developments of the last few days, there has been made changes to the organization of the Board and management of Thule. Aage Thoen has been elected Chairman of the Board, whereas Anders-Ivar Olsen has resumed his engagement as Board Member. Mr. Olsen has further taken the position as CEO for the company.

An Extraordinary General Assembly will be called to elect a third board member.

Thule - Resignation of CEO

Company news

2009-09-03 13:59:55

Peter Gjessing stepped down from his position as CEO in Thule Drilling on 31 August 2009 in order to pursue other interests. The Board and management of Thule regret this decision, but wish him the best of luck in his future engagements.

For further inquiries, please contact Anders-Ivar Olsen on +47 9094 8884.

Thule - Resignation of the Chairman of the Board of Thule Drilling AS

Company news

2009-08-21 00:08:01

The Chairman of the Board of Thule Drilling AS, Mr. Hans Eirik Olav, has resigned today. In a board meeting today, Aage Thoen, the substitute member of the board, stepped up as board member and Anders-Ivar Olsen was elected as new Chairman.

For further inquiries, please contact:
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Missing container shipment

Company news

2009-08-12 17:42:51

Thule has received information and documentation showing that approximately 40 containers with equipment worth about USD 19 million, which was supposed to be shipped from external storage in Jebel Ali to the QGM yard in Sharjah, instead was shipped illegally to Bandar Abbas in Iran onboard the vessel "Ali". It further appears that the equipment has been sold by Royal Oyster to interests in Teheran. Thule BoD member Mr. Anders-Ivar Olsen of NorInvest, has been asked to approach Royal Oyster with the objective to have the sale cancelled and equipment returned. This is an unlawful action, and it is clearly detrimental to both shareholders and bondholders in the Company.

The management and Chairman of Thule is in dialogue with the bondholders regarding this issue.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Notice from Royal Oyster

Company news

2009-08-12 17:40:21

Thule has received a legal notice from Royal Oyster which contains a claim against the Company of USD 57.5 million. NorInvest, represented by BoD member Anders-Ivar Olsen, has worked together with Royal Oyster with respect to this claim. Thule has however not received any of the invoices in question, and has requested and awaits clarification in the form of underlying documentation in order to assess the validity of the claim.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Notice from Norsk Tillitsmann

Company news

2009-08-03 16:00:59

Thule has received notice of event of default under the loan agreement for the 13.75% Senior Secured Callable Bond Issue 2007/2008 and for the 11% Senior Secured Note Issue 2007/2008.

The management and Board of Thule do not believe that this changes the situation of the Company, as the bondholders have already served notice of event of default under the main USD 130 million bond loan on 13 March 2009.

Thule is still trying to reach an amicable solution with the bondholders.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Norsk Tillitsmann takes control of the BoD in Thule Drilling's subsidiaries

Company news

2009-07-09 12:16:36

Norsk Tillitsmann ASA (NT) has changed company secretaries and nominated additional board members in Chekovo Ltd, Voldar Investment Ltd, and Favignat Holdings Ltd, owning "Thule Power", "Thule Energy" and "Thule Force" respectively. NT is subsequently in control of the Board of Directors of said companies.

Thule has made several attempts to reach an amicable solution, lastly by giving an offer of USD 34 million upfront for outstanding interest, and a payment schedule based on the sales proceeds from the agreements with Royal Oyster. NT/the bondholders have rejected all proposals.

For further information please contact:
Chairman, Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Change of Corporate Form

Company news

2009-06-22 14:36:36

Following the decision by the Annual General Meeting, Thule's corporate form has been changed from a public limited company (ASA) to a limited liability company (AS). The Company's name is Thule Drilling AS.

Endring av aksje: Thule Drilling ASA (THUL)

Corporate actions

2009-06-22 14:04:10

Det er foretatt endringer i Thule Drilling ASA (ISIN:NO0010263056, ticker THUL). Navnet Thule Drilling ASA har endret navn til Thule Drilling AS.

Successful move of Thule Power

Company news

2009-06-10 09:11:30

Thule and its cooperation partners in the Middle East are pleased to announce that Thule Power has been successfully moved from the inner anchorage of Sharjah Port to the QGM yard in Hamriyah Free Zone.

The Board and Administration of Thule consider this relocation as a very positive development for both bondholders and shareholders in Thule Drilling, as the move will enable Thule Drilling to commence the final commissioning of the rig.

Pictures will be made available on www.thuledrilling.no

For further information please contact:
Chairman, Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - 1st Quarter 2009 report

Company news

2009-06-02 12:16:04

The 1st Quarter Report for Thule Drilling ASA is enclosed.

For further information contact
Peter K. Gjessing, CEO at +47 6720 3950 or
Tom Bergkåsa, Financial Controller at +47 6720 3954.

Thule - General Meeting of Shareholders

Company news

2009-05-28 16:43:42

The Annual General Meeting of Thule Drilling ASA was held in Asker. All items on the agenda were approved by the shareholders present as proposed by the Board of Directors. The minutes are enclosed.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Share issue restitution

Company news

2009-05-26 12:59:25

The Board of Thule Drilling has monitored the share price movement in Thule Drilling to evaluate the need for a repair share issue towards the 2-3% of the shareholders that were not eligible to participate in the March 2009 share issue. From late March to the beginning of May, shares have been sold in the price range of NOK 0.01 to NOK 0.45. Although the volumes have not been large, the shareholders who were subject to dilution in the March share issue have had, and still have, the opportunity to obtain shares at a price in the vicinity of the subscription price in the share issue in March 2009. Based on this, the Board has resolved not to do a repair issue for the "diluted" shareholders.

For further information please contact:
Chairman, Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Thule Power update

Company news

2009-05-25 14:39:57

In a ruling today, the Sharjah Court has allowed Thule Drilling to move Thule Power from the Sharjah Port inner anchorage back to the QGM yard. The arrest order instigated by Norsk Tillitsmann in March is still in place, but this move will enable Thule to complete the final work and commissioning of the rig.

This ruling is advantageous to Thule and its shareholders and bondholders, as it allows for completion of the rig and possibly secures Thule's contracts with Royal Oyster.

For further information please contact:
Chairman, Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Notice of Annual General Meeting

Company news

2009-05-15 09:29:21

Notice is hereby served that the annual general meeting of Thule Drilling ASA will be held 28 May 2009 at 3 pm in Kinoen, Holmen Fjordhotell, Slemmestadveien 64, Asker, Norway. The notice is enclosed.

Thule - Innkalling til ordinær generalforsamling

Company news

2009-05-15 09:25:55

Det innkalles herved til ordinær generalforsamling i Thule Drilling ASA 28. mai 2009 kl. 1500 i Kinoen, Holmen Fjordhotell, Slemmestadveien 64, Asker. Innkallingen er vedlagt.

Thule - Norsk Tillitmann's legal standing to sue rejected by Norwegian Courts

Company news

2009-04-23 09:36:46

In a ruling by Oslo Municipal Court dated 15 April 2009, a case brought by Norsk Tillitsmann/Trustee on behalf of the bondholders was dismissed on the grounds that Norsk Tillitsmann/Trustee did not have standing to sue on behalf of the bondholders in connection with legal issues involving NorInvest Ltd as guarantor for Thule.

For further information please contact Chairman, Mr. Hans Eirik Olav on +47 9341 2907.

Thule - Assessment value per share for the 2008 tax return / ligningsverdi pr aksje for 2008

Company news

2009-04-22 09:05:49

Reference is made to the press release 9 February 2009. The Company's assessment of tax value has been completed and the value per share is set to NOK 0 for the 2008 tax return.

Vi viser til pressemelding av 9 februar 2009. Selskapet har nå gjennomført beregningen av ligningsverdien pr aksje, og verdien er satt til kr 0 for selvangivelsen for 2008.

For further inquiries, please contact:
Financial Controller Mr. Tom Bergkåsa on +47 6720 3954.

Thule - Status contracts and Thule Power

Company news

2009-04-17 09:41:05

In accordance with the sales agreements dated 15th and 16th December 2008 with Thule Drilling, Royal Oyster has evidenced their commitment to fulfil their part of the agreement by depositing the first instalment of USD 9 million into a UAE bank. The payment will be released by Royal Oyster as soon as they receive confirmation from Thule Drilling and its creditors that the sales agreements will be honored. This decision now rests firmly with Norsk Tillitsmann (NT) and the bondholders, who up to now, have refused to cooperate and instead have decided to issue an arrest order on Thule Power.

Thule has also advised NT and the bondholders about a long term charter opportunity that Royal Oyster is negotiating with an oil major. Royal Oyster risks to lose this opportunity if the arrest is not withdrawn very soon. This fact is presently also being ignored by NT and the bondholders.

The arrest order makes it difficult for Thule to maintain and preserve the present condition of Thule Power, which is technically complete. The situation right now is that third party suppliers, once again, are left in the dark as to when they can complete commissioning of the rig and also worry whether or not they will be paid. Each day work is delayed on Thule Power can mean weeks of delay, because suppliers disappear and maintenance may become inadequate. Weeks of delay could soon turn into months.

Through the correspondence with NT and the bondholders, it is apparent that they are trying to force Thule to accept terms which will demolish what remains of shareholder value and push Thule into bankruptcy. This strategy has been confirmed by NT's law firm, BAHR, who only weeks ago through Dagens Næringsliv encouraged Thule to do just that, i.e. file for bankruptcy. Thule rejects this encouragement by BAHR on the grounds that the sales agreements, now honored by Royal Oyster, means that the company's balance sheet is adequate, even though the shareholders in Thule have suffered substantial losses.

As much as Thule would like to find an amicable way forward and complete Thule Power in accordance with the sales agreements, the actions by NT and the bondholders make this very difficult, and very soon impossible.

We expect that if the current situation remains at an impasse for much longer, the agreements with Royal Oyster will be in jeopardy, and what remains of value for both the bond and shareholders in Thule will be destroyed.

Under Norwegian law, NT and the bondholders have a fiduciary duty to act responsibly and protect shareholder value. Since they refuse to accept the agreements which are able to save their loan, which will also give the shareholders some payback on their investment in Thule, and for which there is no alternative agreements, they will naturally be held accountable for any and all damages resulting from these hostile actions.

We have requested that these bondholders identify themselves. We have been informed that the "instructing bondholders", representing about 70% of the bonds, are all USA based equity funds, and their names are QVT, DA Capital, ORE Hill partners and Whitebox.

Right now, with the arrest order on Thule Power and NT/bondholders having rejected every proposal from Thule Drilling, Royal Oyster is hesitant to release the funds that are standing on an account in a UAE bank since all three sales agreements (newbuildings/yard, Thule Power and Thule Phoenix) are regarded by Royal Oyster as part of an integral package.

Both Thule and Royal Oyster regret the situation and expect and demand that Norsk Tillitsmann and the bondholders release Thule Power in order for the transactions contemplated by agreements to be completed. Further delays of funds into Thule will escalate the detrimental effects on both the bondholders and the shareholders.

Following the completion of the work MIS has performed on Thule Power, the rig was moved by MIS to the inner anchorage within the Sharjah Port limits. Even though the rig is arrested, Thule continues with best endeavours the commissioning work where the rig is located, despite the difficulties caused by the rig not being dockside. Contingent on the arrest being lifted, Thule Power will be finalized within a few months at a budget of USD 5 million. Right now, the situation can best be described as one where Thule is doing its utmost to continue work on Thule Power, essentially funding this for the benefit of the bondholders, who on their part, are doing what they can to destroy what is left of bondholder and shareholder value in these assets.

The Board and Administration of Thule urge Norsk Tillitsmann and the bondholders to start cooperating in order to preserve the remaining values in Thule.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Resignation of Board Member

Company news

2009-03-27 14:54:51

Kristin Mortensen has resigned her position as Board Member of Thule Drilling ASA for personal reasons.
The Board thanks Ms. Mortensen for her valuable contribution during the year she has been with Thule.

For further inquiries, please contact Chairman Mr. Hans Eirik Olav on +47 9341 2907.

Thule - Bondholder freezing order on Thule Power

Company news

2009-03-25 10:30:02

A group of bondholders, largely US based, have initiated a freezing order on our rig Thule Power which is located at the MIS yard in Sharjah. This action is not supported by the majority of the UK and European bondholders, who together with Thule, believe this action will destroy value for both the shareholders and the bondholders. Thule is furthermore of the opinion that there is insufficient legal grounds for this freezing order. If the order is allowed to stand, the consequences could be damaging to both shareholders and bondholders. For an extended period of time, Thule has tried to make these bondholders understand that the best way forward is cooperation, but to no avail. Thule will oppose the freezing order on legal grounds, yet continue to discuss with the bondholders how we can proceed in order to protect and preserve values for both parties.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Mandatory notification of trade

Company news

2009-03-13 17:02:34

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 100,000 shares in Thule Drilling ASA. Following this transaction, NorInvest Ltd owns 61,053,757 shares in Thule Drilling ASA.

Thule - Notice from Norsk Tillitsmann

Company news

2009-03-13 16:58:49

Thule has received a notice of event of default under the 12% 2006-2009 Callable Bond Issue.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Mandatory notification of trade

Company news

2009-03-11 11:50:20

For Board Member's and Management's participation in the February 2009 Share Issue, please see attachment.

Endring av aksje: Thule Drilling ASA (THUL)

Corporate actions

2009-03-10 11:32:17

Det er foretatt endringer i Thule Drilling ASA (ISIN:NO0010263056, ticker THUL). Aksjebeholdningen er øket fra 65 707 330 til 135 707 330. Emisjonsverdien er redusert fra 525 658 640 til 54 282 932.

Thule - 4th Quarter 2008 report

Company news

2009-02-27 12:53:32

The 4th Quarter Report for Thule Drilling ASA is enclosed.

For further information contact
Peter K. Gjessing, CEO at +47 6720 3950 or
Tom Bergkåsa, Financial Controller at +47 6720 3954.

Thule - Share Issue raises NOK 28 million

Company news

2009-02-11 19:57:00

The company will issue 70 million new shares which, at a price of NOK 0.40 per share, raises NOK 28 million. A total of 29,482,191 shares were subscribed for. The share issue is guaranteed fully subscribed, and the balance will be allotted the guarantor.

The Board of Thule will monitor the development of the share price and decide whether a subsequent share issue will be offered to those not eligible to participate in this share issue.

Thule Drilling wishes to thank the participants and the guarantor for their continued support.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Assessment value per share for the 2008 tax return / ligningsverdi pr aksje for 2008

Company news

2009-02-09 17:17:29

The Company has received several enquires from shareholders regarding the assessment value per share to be used by shareholders in the tax return for 2008. As the Company has carried out a placement of shares in 2008, the tax value per 1 January 2008 shall not be used. As the Company is not listed, the traded share price (OTC prices) cannot be applied either. The Company will undertake a preliminary assessment of tax value per share and announce this to the market approx. medio April.

Det har vært en rekke forespørsler fra aksjonærene knyttet til ligningsverdi pr aksje som skal anvendes for aksjonærene i selvangivelsen for 2008. Da selskapet er tilført egenkapital i 2008 vil en ikke kunne anvende ligningsverdi pr 1. januar 2008. Siden selskapet ikke er børsnotert, kan ikke omsetningspriser (på OTC listen) anvendes. Selskapet vil selv foreta en oppdatert beregning av ligningsverdi pr aksje og meddele markedet dette ca medio april.


For further inquiries, please contact:

Financial Controller Mr. Tom Bergkåsa on +47 6720 3954.

Thule - Withdrawal of Noble Denton bankruptcy petition

Company news

2009-02-05 09:30:54

The Administration and Board of Directors of Thule Drilling are pleased to announce that Noble Denton last night withdrew its bankruptcy petition against the Company.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Delivery of Thule Phoenix to Royal Oyster

Company news

2009-02-04 08:34:55

The Board of Directors of Thule Drilling has negotiated an addendum to the sale and purchase agreement with Royal Oyster regarding the time of delivery for Thule Phoenix. Delivery and payment has been postponed two months, i.e. from 15 March to 15 May 2009 due to the lack of confirmation from the bondholders that they will release their security in the rig following payment for the rig. It was Thule Drilling who initiated the negotiation to delay delivery because Thule cannot in "good faith" promise Royal Oyster delivery of Thule Phoenix free of mortgages and encumbrances as long as the bondholders do not confirm their intentions.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Share Issue

Company news

2009-02-04 08:27:34

The Board of Directors of Thule Drilling has set the subscription price in the private placement at NOK 0.40 per share. Enclosed is an information letter sent out to the shareholders listed in annex 1 to the summons of the Extraordinary General Assembly that was held last Friday. An English office translation will be provided on our web site www.thuledrilling.no.

The Board of Thule will monitor the development of the share price and decide whether a subsequent share issue will be offered to those not eligible to participate in this share issue.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Extraordinary General Meeting of Shareholders

Company news

2009-02-02 08:39:35

An extraordinary General Meeting of Thule Drilling ASA was held in Asker. All items on the agenda were approved as proposed by the Board of Directors by 46,313,348 votes for and 4,288,000 votes against with the following changes to item 4 (v) of the agenda: Subscription of the shares to be completed by Friday 6 February 2009. Payment to be made to the Company's account by 11 February 2009. The minutes are enclosed.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Expected delivery of Thule Power

Company news

2009-01-16 17:04:27

Thule Power is currently undergoing finalization work at the MIS yard in Dubai. Overall, the work is going well. However, due to unpaid invoices to critical subcontractors needed to finalize the rig, and that the remaining work on board is more extensive than anticipated, especially in the commissioning phase, the objective is to deliver the rig towards the end of March 2009. Thule is currently in positive negotiations with the critical subcontractors to ensure as early as possible delivery of the rig. Progress towards "mechanical completion" is on track as it has been over the last few months. Delivery within March is dependent on the full cooperation of our subcontractors, in particular NOV.

Reference is also made to the summons to an extraordinary general assembly on our web page.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Notice of Extraordinary General Meeting

Company news

2009-01-16 17:00:39

Notice is hereby served that an extraordinary general meeting of Thule Drilling ASA will be held 30 January 2009 at 3 pm at Holmen Fjordhotell, Nesbru. English notice will be posted early next week on www.thuledrilling.no.

Thule - Innkalling til ekstraordinær generalforsamling

Company news

2009-01-16 16:56:45

Det innkalles herved til ekstraordinær generalforsamling i Thule Drilling ASA 30. januar 2009 kl. 15:00 på Holmen Fjordhotell på Nesbru. Innkallingen er vedlagt.

Board approval - Sales and purchase agreements with Royal Oyster

Company news

2009-01-05 12:52:30

Thule is pleased to announce that the Board of Directors has lifted the final board subject in connection with all the sales and purchase agreements with Royal Oyster. Royal Oyster has been informed accordingly.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Noble Denton's petition against Thule

Company news

2008-12-17 11:49:25

Today's scheduled hearing for the bankruptcy proceedings against Thule Drilling at Asker and Bærum Tingrett has been postponed due to the recent sale of asset in Thule. A date for a new hearing has not yet been established.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Sale of assets

Company news

2008-12-16 14:02:19

Sale of the newbuilding rigs and QGM BVI

Thule is pleased to announce the sale of its interest in QGM BVI and its two rigs Thule Energy and Thule Force for a total sum of USD 275 million to Royal Oyster Group in Dubai, United Arab Emirates. The sale is based on a monthly installment sale over the next two years. Thule is not financially responsible for the completion of the two rigs. Royal Oyster has further agreed that Thule is entitled to a 30% profit split in case they resell any of the rigs and/or the yard within two years.

In a previous and related acquisition in 2008, Royal Oyster Group acquired Dragon Offshore, an engineering company with offices inside the QGM yard. Dragon Engineering has been responsible for engineering services related to the rebuilding of Thule Power and the design and construction of Thule Energy and Thule Force. During the past few months, Royal Oyster has spent substantial capital and human resources on upgrading and refurbishing Dragon Engineering as well as that of the general infrastructure at QGM. Further information on Royal Oyster can be found on www.oystersgroup.com.

Sale of Thule Power

Thule is pleased to announce the sale of Thule Power for USD 140 million to Royal Oyster Group in Dubai. Upon delivery of the rig, Thule will receive USD 10 million per month for 14 months. In connection with the sale of Thule Power, Thule has reached an agreement with the previous buyer to cancel the sales agreement without any cancellation fee associated with the delayed release of the rig from the QGM yard and subsequent delayed completion date of the rig from the MIS yard.

Sale of Thule Phoenix

Thule is pleased to announce the sale of Thule Phoenix for USD 5 million in cash on delivery to Royal Oyster Group in Dubai. The rig will be delivered in 1Q 2009 and the sale is on an "as is - where is" basis.

All the above agreements are subject to Thule's board approval.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Update

Company news

2008-11-28 13:11:00

Following the Memorandum of Understanding

On 14 November 2008, we announced that Thule Drilling had entered into an MOU with Middle East interests for the sale of the newbuildings and our BVI company holding 49% of the QGM shares. We are now pleased to inform that the terms of the Sales Agreement have been finalized with the buyer.

Before the final signing of the contract, the parties will go through a joint inventory due diligence process, making sure that all equipment is accounted for in its various storage facilities in the UAE, including the QGM yard. Previously, when we gained access to the yard, Thule took a complete inventory and we do not expect any major discrepancies now. In addition to our regular on-site management, representatives from the Thule Management and Board of Directors are working alongside the buyers to complete this exercise, which is scheduled to be finished on or before 15 December 2008. We have agreed a signing ceremony with the buyers to take place on 15 December 2008. The first installment is to be paid thereafter, and then successively over a fourteen month period.

The agreement is confidential until the inventory due diligence process is successfully completed and signing has taken place, yet we can confirm that the buyer has significant presence in the region within the shipping, offshore and engineering sectors.


Thule Power update

Following a thorough assessment of the scope of works remaining on the rig and presentation of the completion plan, the work on Thule Power is progressing at full capacity. Critical subcontractors for the commissioning phase are in place, and progress is according to plan.


The Trustee

The discussions with the Trustee on behalf of the bondholders are ongoing towards reaching an amicable solutions for all parties.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - 3rd Quarter 2008 report

Company news

2008-11-19 12:06:51

The 3rd Quarter Report for Thule Drilling ASA is enclosed.

For further information contact
Peter K. Gjessing, CEO at +47 6720 3950 or
Tom Bergkåsa, Financial Controller at +47 6720 3954.

Thule - Petition against Thule

Company news

2008-11-18 20:10:44

The petition by Noble Denton against Thule, which was announced in our press release on 12 November 2008, was formally served on Thule on 13 November 2008. The court proceedings scheduled for 19 November have been postponed by Asker og Bærum Tingrett (the Court) after Noble Denton asked for additional time.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Bond loans due 17 November 2008

Company news

2008-11-18 17:42:15

Thule is currently not able to pay the total bond loans that matured yesterday in a timely manner. The Company has five banking days to remedy the situation and is in close dialogue with Norsk Tillitsmann (the Trustee) to resolve the situation.

In view of the positive developments that have occurred over the last months, the overall situation for Thule Drilling is very positive. On 7 October 2008, Thule received a favorable decision in the share nullification case, with the effect that Thule has assumed effective control of QGM. Further, Thule recently signed an MOU for the sale of the two newbuildings, Thule Energy and Thule Force, and the subsidiary owning 49% in the QGM yard, to Middle East interests for USD 300 million.

As a result of the above, the liquidity of Thule will improve significantly after implementation of the MOU and it also confirms the net asset values in Thule.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Mandatory notification of trade

Company news

2008-11-17 16:28:52

Hans Eirik Olav, Chairman of the Board, has bought 231,244 shares in Thule Drilling ASA at a price of NOK 7 per share.

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has sold 231,244 shares at a price of NOK 7 per share. Following this transaction, NorInvest Ltd owns 20,406,648 shares in Thule Drilling ASA.

Thule - Memorandum of Understanding

Company news

2008-11-14 15:13:36

We are pleased to announce that Thule Drilling has entered into an MOU with Middle East interests for the sale of Thule Energy and Thule Force on an "as is, where is" basis, as well as our BVI subsidiary, at a total price of USD 300 million. The settlement is payable on a monthly basis over a 14 month period after signing of the contract. Thule has received a non-refundable deposit from the buyer, and the parties are in the process of concluding the negotiations.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Petition against Thule

Company news

2008-11-12 09:13:10

It has come to the attention of Thule Drilling that Noble Denton has filed a petition for bankruptcy proceedings against Thule at Asker and Bærum Tingrett. The petition has not yet been served on Thule. In the event that it will be served, Thule will reject it on the grounds that net asset value of Thule Drilling clearly exceeds its liabilities.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Update on Thule Power

Company news

2008-10-31 14:24:21

We are pleased to announce that Thule has received the completion plan for Thule Power from the MIS yard. The plan states delivery of the rig on 18 February 2009.

We are also pleased to announce that MIS and Thule have signed a project credit facility that secures the financing to complete Thule Power.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Mandatory notification of trade

Company news

2008-10-16 17:24:19

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 450,000 shares in Thule Drilling ASA. Following this transaction, NorInvest Ltd owns 20,637,892 shares in Thule Drilling ASA.

Thule - Legal update

Company news

2008-10-07 14:01:36

Share Nullification Case
Thule is pleased to announce that the Court of Appeal in Dubai today has dismissed the appeal by QGM Group LLC (QGM) in the share nullification case, and reinstated the order made by the Dubai Court of First Instance back in April this year. The decision nullifies the attempted sale of QGM shares in April last year (as well as any subsequent transfers) and declares Thule, through its 100% owned subsidiary QGM BVI, the true owner of the 49% interest in QGM Group LLC.

Thule is now in a position to take effective control of QGM and the QGM Yard, including the rigs Thule Force and Thule Energy.

Guardianship
Thule is also pleased to announce that the Sharjah Court of First Instance has decided to cancel the guardianship attached to the Thule Power Rig and has informed the Sharjah Freezone authorities accordingly.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Update

Company news

2008-09-23 12:15:33

Share Nullification Case
In a court hearing on Sunday 21 September 2008 regarding the "Share nullification case", the Dubai Court of Appeal has decided to hand down its judgment on the appeal on 7 October 2008.

Thule Power Completion
Due to a fire which started in a factory next to MIS's main office, the Sharjah port area was closed for two days and work was suspended on board Thule Power due to safety reasons. The fire was about 600 meters away from the rig and the rig was never threatened. Work onboard has resumed. Due to the fire, the comprehensive completion plan, which is being prepared by MIS, will be delayed by a few days. The plan will be presented to Thule as soon as possible and will, once approved, be the basis for a completion date.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Changes to site supervision

Company news

2008-09-15 11:03:03

Noble Denton has decided to withdraw its limited number of people presently engaged in the completion of Thule Power. Thule's management team, together with the management team at MIS, will ensure that necessary replacements are in place over the next few weeks. Thule is pleased that the various work processes to complete Thule Power at the MIS yard is going well, and that our cooperation with MIS continues to strengthen.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907, or
CEO Mr. Peter K. Gjessing on +47 6720 3950.

Thule - Mandatory notification of trade

Company news

2008-09-09 17:37:46

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 100,000 shares in Thule Drilling ASA. Following this transaction, NorInvest Ltd owns 20,187,892 shares in Thule Drilling ASA.

Thule - 2nd Quarter 2008 report

Company news

2008-08-22 11:14:29

The 2nd Quarter Report for Thule Drilling ASA is enclosed.

For further information contact
Peter K. Gjessing, CEO at +47 6720 3950 or
Tom Bergkåsa, Financial Controller at +47 6720 3954.

Thule - Bondholders approval of amendment agreement obtained

Company news

2008-07-30 16:34:13

The board and administration of Thule is pleased to announce that a Bondholders meeting on 28 July 2008 approved the proposed amendment agreement for the USD 9 million bond loan.

The amended agreement with the bondholders provide Thule with sufficient time for the company to focus on its projects.

Reference is made to www.stamdata.no for further details.

Thule - Information update Thule Power

Company news

2008-07-22 14:11:39

Thule is pleased to announce that it has entered into an agreement with Maritime Industrial Services Co. Ltd. Inc. (MIS) for the completion of Thule Power.

The repairs and maintenance carried out to the main engines, main electrical distribution system and the Jacking Gears, since Thule gained access to Thule Power in December 2007, has resulted in a smooth and successful towing operation to move the Thule Power from the QGM Yard at Hamriyah Freezone to MIS at Sharjah Port for completion.

MIS will assist Thule to carry out the completion, testing and commissioning of the drilling and integrated control systems prior to delivery of Thule Power in the fourth quarter of 2008.

MIS have expanded their business significantly in recent years, becoming a leading player in the fast developing Middle East Jack-up Rig repair and newbuilding market, having recently launched the first F&G Super M2 Jack-up Rig to be built in the Middle East, which is now close to completion.

You can see new pictures of the towing operation of Thule Power at www.thuledrilling.no and you can also read more about MIS at their website: www.miscoltd.com.


For further inquiries, please contact:

Chairman Mr. Hans Eirik Olav on +47 9341 2907

Thule - Mandatory notification of trade

Company news

2008-07-01 11:17:38

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 13,165 shares in Thule Drilling ASA. Following this transaction, NorInvest Ltd owns 20,087,892 shares in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2008-06-27 15:31:58

Hans Eirik Olav has bought 10,000 shares in Thule Drilling ASA.

Thule - Bondholders' approval of amendment agreements obtained

Company news

2008-06-27 15:12:03

The board and administration of Thule is pleased to announce that today's Bondholders' meeting approved the proposed amendment agreements for the USD 130 million and USD 40 million bond loans.

The amended agreements with the bondholders provide Thule with sufficient time for the company to focus on its projects.


Reference is made to www.stamdata.no for further details.

Thule - General Meeting of Shareholders

Company news

2008-06-26 17:37:17

The Annual General Meeting of Thule Drilling ASA was held in Oslo. All items on the agenda were approved by the shareholders present as proposed by the Board of Directors. The minutes are enclosed.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Proposed amendment agreements

Company news

2008-06-19 17:29:11

Over the last few months, Thule and the bondholder Trustee have been in constructive discussions to establish a new repayment schedule under the two main loan agreements. The discussions have reflected the common interest of the bondholders and the equity holders and Thule considers the proposals to be a good solution for all parties concerned. The proposed amendment agreements for the two bond loans have been submitted to the bondholders' meeting to be held on 27 June 2008.

Reference is made to www.stamdata.no for further details.

Thule - USD 43 million guarantee secured

Company news

2008-06-13 16:40:54

Thule Drilling is pleased to announce that the board and management has secured an underwriting guarantee/guarantee in favour of the bondholders in the amount of USD 43 million in connection with proposed amendment agreements for the bond loans. Further information on the proposed amendments will be given in due course.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Notice of Annual General Meeting

Company news

2008-06-12 14:14:17

Notice is hereby served that the annual general meeting of Thule Drilling ASA will be held 26 June 2008 at 3 pm in the auditorium on the first floor, Karenslyst Alle 2, Oslo, Norway. The notice is enclosed.

Thule - Innkalling til ordinær generalforsamling

Company news

2008-06-12 14:11:45

Det innkalles herved til ordinær generalforsamling i Thule Drilling ASA 26. juni 2008 kl. 1500 i auditoriet i første etasje, Karenslyst Allé 2, Skøyen. Innkallingen er vedlagt.

Thule - Delay in interest payment due March 2008

Company news

2008-06-11 11:14:27

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Wednesday 18 June 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-06-02 10:55:06

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Friday 6 June 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - 1st Quarter 2008 report

Company news

2008-05-30 15:07:41

The 1st Quarter Report for Thule Drilling ASA is enclosed.

For further information contact
Peter K. Gjessing, CEO at +47 2415 3900 or
Tom Bergkåsa, Financial Controller at +47 2415 3904.

Thule - Delay in interest payment due March 2008

Company news

2008-05-29 13:59:24

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Friday 30 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-26 10:52:21

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Wednesday 28 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-22 09:49:29

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Friday 23 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-20 11:40:13

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Wednesday 21 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-19 09:23:46

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Monday 19 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-16 08:43:10

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Friday 16 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-14 19:15:38

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Thursday 15 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-13 17:13:35

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Wednesday 14 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-13 10:08:00

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Tuesday 13 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-09 10:18:05

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Friday 9 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-07 18:43:46

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Thursday 8 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Corr: Mandatory notification of trade

Company news

2008-05-07 09:51:09

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 1,201,850 shares in Thule Drilling ASA. Following this transaction, NorInvest Ltd owns 20,074,727 shares in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2008-05-07 09:05:38

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 1,201,850 shares in Thule Drilling ASA in a forward transaction. Following this transaction, NorInvest Ltd owns 20,074,727 shares in Thule Drilling ASA.

Thule - Information update

Company news

2008-05-07 08:51:36

Thule has reached a major milestone with the agreement securing full access to the QGM yard and the rigs. The following update is information that can be released at this time.

Access to the QGM yard
Thule has full access to the yard. Commissioning work has commenced on Thule Power and the rig will be finalized at the QGM yard. Moving Thule Power outside of the QGM yard is possible with the guidance of the Trustee, but not a preferred strategy.

Trustee of the yard
Strategic Alliances Corporation has been appointed Trustee as part of this agreement securing full access to the yard. Mr. Ron LeKarz has a long standing business relationship with Saudi interests and is managing the company on behalf of these interests. The primary objective of the Trustee is to get the yard up and running at full speed.

Liquidity
Thule has a detailed weekly liquidity forecast until Thule Power is delivered. The liquidity is tight, with a substantial number of unpaid invoices, but this has improved with the sale of unnecessary excess equipment on Thule Power. Thule continues to exercise a very controlled and careful cash management system.

The first 50% installment on the sale of Chekovo Ltd. (Thule Power owning company) is delayed. This has resulted in close discussions and mutual cooperation with the bondholder trustee to get a workable solution under the current default situation, including a postponement of the interest payments due in March 2008. Sale of other equipment not needed at this stage with respect to the newbuildings is also contemplated to alleviate the liquidity situation until Thule Power is delivered.

Sales discussions on both of the newbuildings are taking place. Several potential buyers have inspected the rigs over the last week and Thule is currently in negotiations with a few of them.

Regarding possible share issues, the major shareholders have stood by Thule throughout this crisis. Now that the crisis is over, they will most certainly stand by the company. Thule will seek funding through other sources first and only go to the shareholders as a last resort.

Completion of Thule Power
Thule Power is expected to be delivered in end Q3 2008. The workforce and resources to complete the rig are on-site and the expected additional cost to completion is about USD 10 million.

Completion of Thule Energy and Thule Force
Once further funding is secured (i.e. sale of one or both of the newbuildings), construction will commence. Currently, only limited maintenance is performed on the rigs, but full conservation of all equipment has been concluded. A complete overview of the whereabouts and status of all Thule equipment for the newbuildings is secured showing a total cost of USD 114 million of which USD 87 million is paid for and delivered. Expected cost for completing Thule Energy is USD 55 million plus finance costs, and USD 65 million plus finance costs for Thule Force. Expected delivery of the rigs are 4Q 2009 for Thule Energy and 1Q 2010 for Thule Force.

Thule Phoenix
The semi-submersible rig located in the US is still for sale. Several interested parties have inspected the rig, but the sales efforts have so far not been successful.

Summary
Thule has reached a settlement agreement with QGM. The assets are intact, one rig company is sold, and more rigs might be sold. The liquidity is currently tight until Thule Power is delivered, but with the sale of one or both of the newbuildings, the company may be debt free or close to debt free in the near future.


For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-05-07 08:46:37

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Wednesday 7 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact :
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Ruling obtained in the Share Nullification case in Dubai

Company news

2008-04-30 19:14:15

Thule has received formal notice from the Courts in Dubai, UAE, that the verdict in the Share Nullification case has been positive. Thule is pleased with this announcement, as well as the additional positive developments within the past week that have resulted in the continuation of construction on the three Thule rigs at QGM.

For further inquiries, please contact:
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-04-29 17:02:52

We refer to our previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Tuesday 6 May 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact :
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Thule gains full access to complete the rigs at the QGM yard

Company news

2008-04-25 15:11:33

Thule is pleased to announce that a co-operation agreement with QGM and Strategic Alliances Corporation have resulted in the immediate re-opening of the QGM yard in the Hamriyah Free Zone in Sharjah, UAE.

This agreement calls for full access to the yard and allows Thule to commence work with QGM immediately to complete all three rigs.

Strategic Alliances Corporation will manage QGM and the building process of the Thule rigs during this transition period. This will allow Thule and QGM to again work together to get the work on all three rigs up to speed.

Thule Power will take immediate priority in completion of work and commissioning. Delivery is anticipated to be September 2008.

The adherence to this co-operation agreement by both parties will be managed by the mutual Trustee, Strategic Alliances Corporation.

Thule is pleased with the positive outcome of these negotiations, and we look forward to put all our efforts into restoring and increasing shareholder value.

Thule would like to thank everyone who has supported the company through these times. Thanks go out to Mr. Ron LeKarz, CEO of Strategic Alliances Corporation and their associated partners in the Kingdom of Saudi Arabia and the United Arab Emirates for their guidance.

Further information will be forthcoming in accordance with the agreement reached between Thule and QGM.



For further inquiries, please contact:

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-04-25 10:24:41

We refer to our four previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Monday 28 April 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact :
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-04-21 09:43:29

We refer to our three previous press releases in which we informed that Thule was unable to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to further extend the grace period until Thursday 24 April 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact :
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-04-11 16:30:42

We refer to our press releases of 31 March and 2 April 2008 in which we informed that Thule was unable to meet the interest payments due in March in a timely manner, and that the Loan Trustee had agreed to extend the grace period until Friday 11 April 2008. The grace period has now been further extended until Friday 18 April 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. The ongoing discussions are positive, in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.



For further inquiries, please contact :

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in interest payment due March 2008

Company news

2008-04-02 16:30:16

We refer to our press release of 31 March 2008 in which we informed that Thule was not able to meet the interest payments due in March in a timely manner. The Loan Trustee has agreed to extend the grace period until Friday 11 April 2008 for both Bond Issues.

The board and management of Thule and our advisers are working closely with the Loan Trustee and its advisers to evaluate the situation. These discussions are positive in the spirit of mutual cooperation, and will continue in the extended grace period. Further information will be given as soon as possible.


For further inquiries, please contact :

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Delay in Interest payment due March 2008

Company news

2008-03-31 08:58:34

Thule has not been able to meet the interest payments due in March in a timely manner (due on 26 March in respect of the Second Priority Bond Issue and due on 28 March in respect of the First Priority Bond Issue). The Company has five banking days to remedy the situation and is in close dialogue with Norsk Tillitsmann (the Trustee) to resolve the situation.

In view of the problems encountered by Thule Drilling with respect to interest payments, we would like to inform our shareholders and financiers as follows regarding the status of the Company.

The overall situation for Thule Drilling is positive in as much as the legal and diplomatic processes in the UAE is showing solid progress. Most importantly, Thule expects a favorable decision in the share nullification case within the next few months, which means that the illegal (and criminal) transfer of shares from QGM BVI by Bromham and Walton is expected to be reversed by the courts in the UAE and go back to Thule. The effect of this will be that Thule assumes effective control of QGM. This should also have the implication that the continued blackmail by the international fraudsters Howarth and Gurney and their accomplices will cease. Thule is also working hard to expand the present right to repair and maintain the rigs to include completion, and we are hopeful that this will be accomplished soon, all in accordance with the due process of the law in the UAE.

The above described situation would not have been possible without the valued assistance of certain Saudi entities, and of course favorable rulings in the Sharjah court, among others, concluding that QGM is completely unfit to maintain and preserve the quality of our rigs. Thule is today in a completely different situation than 2-3 months back, which is why there is solid interest from Middle East sources and others to purchase our rigs.

As a result of the above, Thule has committed "Thule Power" to Saudi interests for USD 185 million, with the first payment due shortly. Furthermore, there is a solid interest for the two newbuildings, "Thule Energy" and "Thule Force", which are currently being negotiated for sale. We expect similar price level for these as for "Thule Power". The payment terms should enable Thule to repay all or most of its debt in 2008, with an up front installment shortly after contract signing.

In spite of the significant losses incurred by Thule due to the criminal actions by QGM, its owners, managers and accomplices, there is still a solid net asset value in Thule. With the progress achieved over the last few months, there are good reasons to stay the course, and together with the bondholders secure a financial solution that will be mutually beneficial for both shareholders and bondholders.


For further inquiries, please contact :

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - 4th Quarter 2007 report

Company news

2008-02-29 20:14:27

The 4th Quarter Report for Thule Drilling ASA is enclosed.

For further information contact
Peter K. Gjessing, CEO at +47 2415 3900 or
Tom Bergkåsa, Financial Controller at +47 2415 3904.

Thule - New Board Member

Company news

2008-02-11 19:09:48

Thule is pleased to announce a new board member. Kristin Mortensen works as a lawyer in Veidekke ASA. She holds several board positions in different companies. She looks forward to contribute to a positive development in Thule.

Thule - Extraordinary General Meeting of Shareholders

Company news

2008-02-11 18:35:48

An extraordinary General Meeting of Thule Drilling ASA was held in Oslo. All items on the agenda were approved by the shareholders present as proposed by the Board of Directors. The minutes are enclosed.

For further information contact: Peter K. Gjessing, CEO on +47 2415 3900.

Thule - Refinancing of USD 9 mill Note

Company news

2008-02-08 08:20:55

Thule is pleased to announce the successful refinancing of the USD 9 mill note secured by first priority mortgage in Thule Phoenix. The note matures in the end of August 2008.


For further inquiries, please contact :

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Endring av aksje: Thule Drilling ASA (THUL)

Corporate actions

2008-02-01 13:20:56

Det er foretatt endringer i Thule Drilling ASA (ISIN:NO0010263056, ticker THUL). Aksjebeholdningen er øket fra 62 907 330 til 65 707 330. Emisjonsverdien er øket fra 503 258 640 til 525 658 640.

Thule - Colin Barden

Company news

2008-01-30 15:26:42

The Management and Board of Directors of Thule Drilling are deeply saddened by the sudden and much too early passing away of Colin Barden, our COO in the United Arab Emirates.

Colin was a trusted and well respected colleague, with vast experience in the offshore drilling business, among others through high level executive positions in Maersk and Noble Denton.

Colin came onboard the Thule executive management team about one year ago, and through a very difficult and challenging time for the company, he adopted a firm stance against its counterparties. Colin was a gentleman of high moral standards. After Thule finally acquired its rightful access to its rigs at QGM, Colin was ready and eager to get to work to complete the rigs, and see them off on assignment; one of many assignments Colin had been involved in during his long and successful career in the oil business.

Colin had a great sense of humour, most often with a quick touch of irony in tricky circumstances, reflecting exactly the experience he brought to the table of one who had "been there - done that".

On a very sad day for the small "Thule team", our thoughts and heartfelt support goes to Colin's family.

On behalf of everyone at Thule Drilling,

Hans E. Olav

Thule - Innkalling til ekstraordinær generalforsamling

Company news

2008-01-25 14:00:49

Det innkalles herved til ekstraordinær generalforsamling i Thule Drilling ASA 11. februar 2008 kl. 15:00 i Auditoriet i første etasje, Karenslyst Allé 2, Oslo. Innkallingen er vedlagt.

Thule - Notice of Extraordinary General Meeting

Company news

2008-01-25 13:57:44

Notice is hereby served that an extraordinary general meeting of Thule Drilling ASA will be held 11 February 2008 at 3 pm in the Auditorium on the first floor, Karenslyst Alle 2, Oslo, Norway. The notice is enclosed.

Thule - Termination of Drilling Contract for Thule Power

Company news

2008-01-10 08:33:36

On 3 December 2007, Saudi Aramco gave notice to KCA Deutag of its intention to terminate the Thule Power drilling contract on 25 December 2007.

KCA Deutag notified Thule Drilling yesterday that Saudi Aramco, in a letter dated 7 January 2008, has terminated the contract as of 25 December 2007.

Thule understands and respects Saudi Aramco's decision and regrets the unfortunate circumstances around Thule's situation which lies outside of Saudi Aramco's and Thule's control.

The termination of the contract does not affect the sale of Chekovo Ltd. (owning company of Thule Power).


For further inquiries, please contact :
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Endring av aksje: Thule Drilling ASA (THUL)

Corporate actions

2008-01-03 10:06:18

Det er foretatt endringer i Thule Drilling ASA (ISIN:NO0010263056, ticker THUL). Aksjebeholdningen er øket fra 54 507 330 til 62 907 330. Emisjonsverdien er redusert fra 711 865 729 til 503 258 640.

THUL - SALE OF CHEKOVO INC, OWNER OF THULE POWER

Company news

2007-12-31 17:01:37

The Management and Board of Directors of Thule Drilling are pleased to announce the sale of Chekovo Inc, the owning company of Thule Power, to interests in Saudi Arabia.

The price paid for the company is USD 185 Million.



For further inquiries, please contact:

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - USD 16 million share issue

Company news

2007-12-20 09:07:27

Thule is pleased to announce that a USD 16 million share issue has been fully subscribed. The share issue was placed at NOK 8 per share and the total amount in NOK was 89 600 000, increasing the number of shares with 11 200 000.

Thule's objective has been, and continues to be, the preservation and enhancement of shareholder value. The share issue is done with this in mind, with an effort to minimize the dilution effect for the minority shareholders.

This share issue underscores the continued commitment of the major shareholders to fund the Company.

As mentioned in the Q3 report, Thule is in discussions with several potential buyers and charterers of its rigs, among others in the Middle East.



For further inquiries, please contact:

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Work crew expands on Thule Power

Company news

2007-12-13 16:38:47

Thule Drilling is pleased to inform its shareholders and financiers that it has increased its workforce on Thule Power. That workforce now includes Noble Denton and National Oilwell Varco.

It is expected that the workforce will steadily increase in the coming days, supporting the court appointed guardian in his continuing work on Thule Power.

There was initial resistance from QGM management and individuals purporting to act on behalf of QGM. However, following the intervention of the Public Prosecutor's Office, work continues on Thule Power as ordered by the Sharjah House of Justice.



For further inquiries, please contact:

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Today's article in Dagens Næringsliv

Company news

2007-12-11 10:40:55

With respect to the interview with Sheikh Faisal in today's edition of Dagens Næringsliv, we are confident that when Sheikh Faisal finds out who his new partners really are, his enthusiasm and support will quickly fade.

As such, Thule regrets that the Sheikh's good name is being used in a public relations stunt, orchestrated by the management of QGM in an effort to rally support for the continued illegal and unlawful conduct.

Although Thule is eager to share more information, Thule is limited as to what they can tell the public due to ongoing investigations in five countries, into the true identity and nature of these individuals, their extensive web of companies and what type of business they are involved in now and in the past.

For further inquiries, please contact:

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Further information regarding Annual Report 2006

Company news

2007-12-07 09:43:46

In yesterday's issue of Dagens Næringsliv (DN) it is alleged that Thule is in breach of the Norwegian Generally Accepted Accounting Principles (NGAAP). According to DN, Thule has withheld vital information regarding its exercise of the share pledge in QGM B.V.I.

This is a very serious and unfounded allegation. In short, DN concocts a story out of thin air, then elegantly misleads a professor named FilipTruyen into making a statement based on the same concocted story. In other words, a complete misrepresentation of the truth. If DN had taken the time to investigate the matter properly, and reviewed relevant Thule Board of Directors protocols, which were offered to DN previously, they would have been able to verify the following:

The Annual Accounts and the Board of Directors' Report for 2006 were approved in a Board of Directors meeting held in Oslo 7 May 2007. In addition to the Board, the CEO and the auditor from Ernst & Young were present. As of that date, Thule Drilling was in the process of planning execution of the share charge. No formal execution had taken place at this date.

On 14 May 2007, the Company instructed British Virgin Island (BVI) lawyers to execute the share charge.

At the Board of Directors meeting of Thule Drilling on 25 May 2007, it was noted that the registered agent in BVI was not cooperating, and Thule Drilling was forced to push harder in order to execute the share pledge. This process was going on parallel with the other efforts to reach a solution with the owners of QGM.

Based on the above facts, there is no breach by Thule of the NGAAP, as alleged by DN.


For further inquiries, please contact :

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Mandatory notification of trade

Company news

2007-12-07 09:01:41

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 1,250,000 shares in Thule Drilling ASA in a forward transaction. Following this transaction, NorInvest Ltd owns 15,372,877 shares in Thule Drilling ASA.

Thule - Maintenance work started today

Company news

2007-12-06 16:18:20

Thule Drilling is pleased to inform its shareholders and financiers that the court appointed guardian entered the QGM yard today and commenced work on Thule's rigs. The Court appointed guardian boarded "Thule Power" together with the initial maintenance crew. The crew includes Thule's subcontractor National Oilwell Varco, which has delivered and installed the drilling package and is also responsible for its commissioning.

As advised in our previous press releases on 26 and 30 November 2007, and again on 6 December 2007, the actions today are a direct result of the Court Order handed down by the Sharjah House of Justice accepting the position which Thule has been advocating for some months, namely, that QGM is no longer fit nor capable of maintaining any control over Thule's assets. The court has validated Thule's position by determining, based on independent expert reports, that QGM is entirely unfit to have possession of the Thule's rigs.

The initial maintenance crew will increase gradually over the next few days and weeks in accordance with the Thule work plan approved and administered by the court appointed guardian.

Thule considers the above actions as a significant step towards completing "Thule Power", "Thule Energy" and "Thule Force".


For further inquiries, please contact :

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

THUL - Further information regarding articles in Dagens Næringsliv

Company news

2007-12-06 08:21:07

As previously advised, Thule Drilling will not volunteer any information to Dagens Næringsliv (DN), for the simple reason that DN is unable to convey such information to the public without distorting the facts. We believe our shareholders and financiers deserve accurate information directly from the company, especially under the present circumstances.

DN correctly points out that there is a dispute between QGM and Thule, but has failed completely to address a few very simple contractual facts between the parties, which, if addressed, would make it obvious to DN that the information being fed to it by QGM is a complete misrepresentation of the truth. DN was offered an opportunity to review the Construction contracts in our meeting with them, but chose to ignore our offer. If they had taken the time to check the contract they would have been able to verify the following:

Clause 31.1(a) has the following wording:

The WORK in whole or in part and all things whatsoever from time to time forming part thereof, including WORK MATERIAL and EQUIPMENT shall belong to the COMPANY.

Clauses 32.1 and 32.2(a) have the following wording:

The Contractor shall have no lien or similar right on or in respect of the WORK or any part thereof (whether completed or not) or in respect of any WORK Material and Equipment whether paid for in whole, in part or not at all, by the COMPANY or furnished by the CONTRACTOR for incorporation into the WORK, and shall release the same or any part thereof into the full control and custody of the COMPANY, when requested to do so by the COMPANY.

The CONTRACTOR shall upon requested by the COMPANY provide to the COMPANY without delay such workforce, materials, and equipment as may be needed to perform the WORK, or any part thereof, as requested, in the full control and custody of the COMPANY or to remove the WORK or any part thereof from the CONTRACTOR's SITE.

Clause 25.2 has the following wording:

CONTRACTOR shall, from the commencement of the WORK, to the effective date of the FINAL ACCEPTANCE CERTIFICATE take full responsibility for the care of the WORK or WORK Materials and Equipment and should any damage or loss occur to any part thereof from any cause (save in the case of Excepted Risks as defined hereunder) shall at its own cost and expense repair or replace the same so that at the time of the FINAL ACCEPTANCE CERTIFICATE the WORK shall be in good order and condition and in conformity in every respect with the requirements of the CONTRACT.

Finally and most important, Clause 53.3(d) has the following wording:

Unless otherwise agreed, the COMPANY and the CONTRACTOR shall continue to perform their respective obligations and liabilities arising from or in connection with this CONTRACT during any the resolution of a DISPUTE by the PARTIES.


We can only speculate as to the reason why DN choose to report inaccurately with respect to these contractual provisions, which QGM has so blatantly breached for the past 5 months.

According to DN's article yesterday, QGM has apparently issued a press release. We have not seen any such press release and are therefore unable to offer any comments. However, in this respect we refer to art. 49 of the Construction contract, which requires QGM to obtain Thule's written consent prior to any announcement or statement in connection with the work. QGM is clearly in breach of this clause.

With respect to the falsified translation of the court order by QGM, which DN indiscriminately have chosen to refer to in yesterday's edition, we reiterate what was stated in our previous press release on 30 November, which was that QGM no longer has guardianship over Thule's assets, and that Thule is able to access its rigs and work on same through a court appointed guardian. The UAE court has determined, based on independent expert reports, that QGM is entirely unfit to have possession of Thule's rigs. Sadly, DN does not understand, or chooses to ignore, that the newspaper is being used to continue the perpetration of a crime.

With respect to allegations that Thule has a vast number of outstanding payments for change orders, the only accurate response is that this allegation is completely and utterly false. The truth is that Thule can prove and have provided unquestionable proof to the UAE courts showing that this is false. This proof has been accepted by the UAE courts, but more than that, it has been accepted by QGM in writing. We will let our readers be the judge of why senior officials of QGM have all of a sudden changed their minds about the true status of the change orders. Again, we have offered to give DN proof of this, but they did not have time to wait for it. Instead, and in yesterday's paper, DN indiscriminately chose to present QGM's blatant lie. If not for ignorance, it is difficult to explain DN's behavior as anything else than a total disregard for true and accountable journalism.

DN has also reported that Thule somehow finds itself under investigation by Norges Fondsmeglerforbund (Norwegian Securities Dealers Association). The accurate account of how that came about is that DN first tried to get Oslo Stock Exchange interested in Thule, because DN, on its own accord, has decided that Thule has withheld important information from its shareholders. Nothing could be further from the truth. Nonetheless, when DN's eager journalist failed to rally any interest from Oslo Stock Exchange, he tried to rally support for his conviction elsewhere, i.e. in Norges Fondsmeglerforbund, and succeeded in doing just that. Thule will of course respond to the questions received from NFMF with the seriousness it deserves, even though we find the procedure somewhat peculiar.

We are not impressed by DN's way of conducting investigative journalism. Up to now, it has been incorrect, speculative and defamatory, and, sadly so, it is fairly predictable and consistent. Thule will not be deterred by DN's questionable journalism, and we will pursue QGM, it's owners, management and accomplices until our shareholders and financiers have redeemed in full the damage caused by these individuals and their companies.

While we expect DN to continue its slanted and haphazard reporting, we will, on our side, continue to provide only accurate information which is deemed to be in the best interests of our shareholders and financiers.

For further inquiries, please contact :

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Drilling Contract for Thule Power

Company news

2007-12-03 14:05:30

In relation to the drilling contract for Thule Power, KCA Deutag, our contract operator and rig manager, has notified Thule Drilling that Saudi Aramco has tendered a "notice of its intention to terminate the Contract, effective December 25, 2007".

Thule is in a dialogue with KCAD to find out more precisely what Saudi Aramco's intentions are, and will issue additional information when we have same.

As mentioned in our Q3 report issued last Friday, Thule sees interest from several potential buyers/charterers of its rigs, among others from sources in the Middle East.


For further inquiries, please contact :

Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - 3rd Quarter 2007 report

Company news

2007-11-30 16:24:42

The 3rd Quarter Report for Thule Drilling ASA is enclosed. For further information contact Peter K. Gjessing, CEO at +47 2415 3900 or Tom Bergkåsa, Financial Controller at +47 2415 3904.

Thule - Comments to article published in Dagens Næringsliv today

Company news

2007-11-30 10:31:07

In an article published in Dagens Næringsliv (DN) today, the dispute between Thule Drilling ASA (Thule) and QGM Group LLC (QGM) is described. The article is incorrect, highly speculative and defamatory. Thule would like to set the record straight by presenting the same information that was offered to DN, which DN subsequently chose to ignore.

The article is, to a large extent, based on information and documents given to DN by the management and owners of QGM who are facing three pending criminal cases in the UAE, among others dealing with fraudulent conduct and kickbacks. Aside from disclosing confidential information to DN, which in itself is yet another contractual breach by QGM, the obvious intent is to harm Thule, its shareholder and financiers, utilizing any conceivable means to do so, in a last ditch effort to rally support for the blackmail exercised against the shareholders, bondholders and financiers of Thule over the past five months.

For the avoidance of doubt and for the furtherance of truth and respect for the law, the management and BOD of Thule would like to give an accurate account of what our company has been subjected to over these last few months.

For legal reasons, Thule has had to be fairly restrictive with respect to disclosure of information about the legal proceedings in the UAE and details and documentation pertaining thereto. As such, the information and documents given by the QGM management to DN, represents a welcome opportunity for the management and BOD of Thule to share the true accounts of what has taken place.

Thule has three drilling rigs under construction at QGM's yard in the United Arab Emirates. On 30 June 2007, the yard closed down and has since requested payments from Thule over and above the contractual fixed price in order to resume work and/or let Thule have access to its own rigs. For Thule, this delay is causing a loss of hire in the region of USD 150 000 per day. The value of the three rigs that Thule owns, but is denied access to, is in the region of USD 550-650 million. According to the contracts, the "work shall continue despite disputes" and Thule has the right to take over the work at the QGM yard at any time. This indisputable contractual right has not been honoured by QGM, instead they have tried to blackmail Thule for an amount in excess of USD 100 million. For the record, Thule has already paid over and above the fixed contract price for these rigs. The owners and management of QGM has admitted that they are using the absence of injunctive relief in the UAE, in order to force Thule to pay them large sums of money, in other words extortion.


Thule is pursuing its legal rights against QGM through the courts in the United Arab Emirates and other jurisdictions. Furthermore, Thule is also holding its previous legal advisors liable for all losses caused by inadequate legal advice on the contracts in question, which in Thule's opinion has made it possible for QGM and it's owners to carry out these wrongdoings.

On 26 November 2007, Thule had a breakthrough in the legal proceedings when the Sharjah House of Justice ruled that Thule can access the rigs under supervision of a court appointed guardian. This is a major step in the right direction, and Thule is confident that this is the beginning of the end to Thule being held hostage to QGM and its management.

The facts relating to this matter is mainly as follows:

In 2005, Thule entered into a fixed price rebuilding construction contracts with QGM Group LLC (QGM) for the rebuilding of one cantilever jack-up drilling rig owned by Thule, Thule Power. This rig, which is almost ready for delivery, is situated in QGM's yard in that Hamriyah Free Zone, Sharjah, UAE.

In 2006, Thule Drilling ASA entered into two fixed price construction contracts with QGM for construction of two cantilever jack-up drilling rigs owned by Thule, Thule Energy and Thule Force. These rigs are under construction and they are also situated in QGM's yard in the Hamriyah Free Zone, Sharjah, UAE.

The rebuilding of Thule Power suffered significant delays and cost overruns. The construction of the two other rigs were also delayed and has suffered from cost overruns, albeit less significant than for Thule Power.

On 27 September 2006, Thule entered into a Loan Agreement (Loan Agreement|) with QGM pursuant to which Thule agreed to provide additional funding in the form of a USD 22 million loan facility in order to enable QGM to complete the works it was undertaking on Thule's rigs. QGM's parent company, a British Virgin Islands company (QGM BVI) acted as guarantor under that Loan Agreement. At that time, QGM BVI owned 49% of the shares in QGM. The remaining 51% interest in QGM is held by Mr Bastaki, a UAE national.

As security for the USD 22 million loan, the shareholders of QGM BVI, specifically Mr. Anthony Bromham (Bromham) and Mr. Christopher Walton (Walton), pledged their shares in QGM BVI (Share Charge) to Thule. The Share Charge was also entered into on 27 September 2006. This meant that in the event of the default under the Loan Agreement, or a cross-default under the rebuilding contract or construction contracts, Thule could exercise its security by taking ownership of the shares in QGM BVI and also 49% of the shares in QGM thereby enabling Thule to control the QGM's yard, and access its drilling rigs. The Loan Agreement provides that both QGM and QGM BVI would not approve any change of ownership of QGM.

On 22 March 2007, Thule issued QGM with a Notice of Default under the Loan Agreement. Although QGM never properly replied to the Notice of Default, Thule entered into negotiations with Bromham and Walton with the aim to find an amicable solution.

On 16 April 2007, Walton entered into an agreement to sell his shares in QGM BVI to Thule. In the agreement Walton represented and warranted that QGM BVI was the owner of 49% of the shares in QGM and that that would be the case also on closing of the transaction.

One week later, on or about 23 April 2007, after having received the Notice of Default under the Loan Agreement, and in flagrant breach of that agreement, Walton and Bromham fraudulently procured the transfer of the 49% interest in QGM from QGM BVI (the shares in which had been pledged to Thule in the Share Charge as security for the USD 22 million loan facility) to another company controlled by Walton and Bromham in the Hamriyah Free Zone called QGM Management Holdings FZC (QGM FZC). That share sale agreement was signed by both Walton and Bromham and was done so in order to deliberately defraud Thule of its right to own 49% of the shares in QGM (via QGM BVI). The share sale agreement is also a clear breach of the representation and warranties given by Walton in the agreement to sell his shares in QGM BVI to Thule.

Thule had no knowledge of this fraudulent share transfer until 20 June 2007, well after it had exercised the Share Charge and become the sole owner of QGM BVI. On 20 June 2007, after becoming aware of the share transfer, Thule demanded the transaction reversed.

On 30 June 2007, QGM informed Thule that the yard would be closed as of 23:59 on 1 July 2007.

On 1 July 2007, Thule responded to QGM's letter of 30 June 2007 and requested the yard to reopen within 11:00 the next day.

On 2 July 2007, Thule informed QGM that it exercised its right under the rebuilding contract for Thule Power to take control over the work and finalize the rig at the yard with QGM's workforce, material and equipment. There was no response from QGM to this request by Thule to exercise its right under the contract. On 31 July 2007, this was reiterated and the same rights were also notified by Thule for the two other rigs.

On 31 July 2007, Thule Drilling ASA served QGM with a Notice of Dispute in accordance with the rebuilding contract for Thule Power and the construction contract for the two other rigs. As per the contract, the parties are required to appoint one negotiator each and attempt to settle the dispute amicably before arbitration is commenced. Thule appointed its chairman, Mr. Hans Eirik Olav, as its negotiator.

On 2 August 2007, Thule received a letter from QGM in which delays and cost overruns are admitted, but contrary to the provisions of the contracts QGM claims that this is the risk of Thule. In the letter, QGM also admitted that it is "completely out of funds", that the yard will be closed and never reopen and that QGM had not denied Thule access to the rigs. QGM objected to Thule's appointment of its chairman as negotiator and failed to appoint a negotiator on behalf of QGM. The letter also contained an offer to sell the yard to Thule. Thule responded to this letter on 5 August 2007 and referred to the contractual allocation of risk.

On 5 August 2007, Thule brought QGM's letter of 2 August 2007 to QGM's yard and requested access to its rigs, since QGM's letter of 2nd August stated that "QGM had not denied Thule access to the rigs". However, access was denied by Jake Schimberg, CEO of QGM, who had signed the letter of 2 August 2007. Confronted by his obvious contradiction, Jake Schimberg confirmed his denial by a handwritten confirmation on the same letter in which QGM claimed that Thule had not been denied access to the yard.

On 14 August 2007, Thule received a letter from QGM in which it again is alleged that Thule is in breach of contract. Furthermore, it is stated that that the yard will undertake other work and put Thule's rigs in storage for two years. Thule responded to this letter on 16 August 2007 and referred to the fact that all three contracts were fixed price contracts.

On 18 August 2007, QGM informed Thule that the yard had been sold, alleged that Thule is insolvent and that Thule's liability for breach of contract amounted to USD 120 million. QGM also claimed that Thule had failed to respond to QGM's letters of 2 August and 14 August 2007. As stated above, Thule responded immediately to those letters on 5 August 2007 and 16 August 2007.

The alleged buyer is a company said to be controlled by a Michael Edward Howarth, who is also a major shareholder and chief executive in ACI Global Corporation. Thule has naturally informed Howarth of its contractual rights, which Howarth subsequently and consistently has ignored. At one point, Howarth claimed to have offered to purchase Thule for a significant amount of money, based on settlement several months in arrears with a personal guarantee from Howarth and ACI Global Corporation, a penny stock company in the USA with an accumulated deficit in excess of USD 40 million and a couple of thousand dollars in cash. Thule obviously rejected this ridiculous proposition. Howard's response has been to threaten to destroy Thule's assets, and to report the management, directors and largest shareholders of Thule to the Norwegian credit and police authorities for breach of various regulations which in Howarth's view has been broken. At this point, the so-called offer to buy Thule had dropped to NOK 1 per share.To this day, Michael Howarth maintains the assertion towards Thule and the UAE authorities that he is the owner and chairman of QGM.

However, in a sworn affidavit from Bromham, for use in the litigation in the United States, dated 12 November 2007, it is stated that QGM-FZC is owned 50/50 by Walton and Bromham. Furthermore it is stated that QGM-FZC owns 49 % of the shares in QGM and that the remaining 51% of the shares are owned by Mr. Bastaki, the local UAE sponsor. Hence, the alleged sale of QGM is not acknowledged. Furthermore, if it is correct that QGM is sold, then Mr. Bromhams sworn affidavit represents perjury.

Thule has taken a number of steps in order to protect its position and bring Bromham, Walton and Schimberg to justice. These steps include filing three criminal complaints against Bromham and Walton. The first relates to the fraudulent transfer of the QGM shares from QGM BVI to QGM FZC and is presently the subject of a continuing investigation by the Public Prosecutor. The second relates to the breach of trust caused by the closure of the Hamriyah yard and thereby preventing Thule from accessing its own rigs. That criminal complaint is also the subject of an investigation by the Public Prosecutor. The third criminal charge (filed against Bromham and Mr Bill Buchanan) relates to collusion with the vendor to procure "kick-backs" from the sale of certain equipment (by fraudulently increasing invoice prices). Thule has also filed a case before the Sharjah Court of Urgent Matters, in which Thule is seeking immediate access to the yard. On 26 November 2007 the court ruled in favour of Thule.

Thule has also filed a case in which it will seek to obtain orders nullifying the transfer of the QGM shares from QGM BVI to QGM FZC. Once Thule obtains those orders, then those QGM shares will revert back to QGM BVI and will therefore be effectively owned by Thule by virtue of Thule having already exercised its rights to obtain the shares in QGM BVI pursuant to the Share Charge.

Thule has served QGM with a notice of dispute under the rebuilding contract for Thule Power and under the construction contract for the other rigs, but QGM is not responding in accordance with the contractual dispute resolution procedure. As a consequence of this filing, Thule is in a position to commence arbitration proceedings against QGM in the event that the transfer of share is not nullified.

Thule has served Walton a notice of arbitration, but Walton has failed to appoint an arbitrator within the 30 day period provided by law. This matter is now with the Oslo City Court.

Following the contractual negotiation period, which has been sabotaged by QGM, Thule is now in a position to commence arbitration proceedings under the rebuilding contract for Thule Power and under the construction contracts for the other rigs.

QGM, represented by Michael Edward Howarth, has attempted to initiate arbitration proceedings against Thule under the reconstruction contract for Thule Power. However, the lawyer allegedly representing QGM has explained that he does not represent the company and the arbitrator allegedly appointed by QGM has informed Thule's attorney that he has not accepted the appointment. Furthermore, Thule has requested Mr. Howarth to document his alleged purchase of QGM and that he is chairman of QGM, but has not received any written documentation.

In conclusion, Thule is being subjected to outright blackmail by QGM and its owners. Despite this fact, Thule has on several occasions, even though this would be regarded as going against all reasonable moral and ethical codes of conduct, tried in vain to negotiate a settlement with QGM on very generous terms. On several of these occasions, QGM and Thule reached an agreement. However, and without fail, QGM has either walked away and/or failed to comply with any of these agreements, choosing instead to continue its blackmail.

Thule is entitled to be the rightful owner of 49% of QGM and should, according to the Loan Agreement with QGM control the remaining 51% through agreements between QGM-BVI and the owner of said shares. These shares have been stolen by messrs. Walton and Bromham. Thule has a contractual right to finalize the construction of its own rigs at the yard, but has so far been unjustly prevented from doing so. This is in blatant disregard of the contract.

The board of directors of Thule and the administration of Thule will continue its relentless work to the benefit of Thule and its shareholders. The market will be informed of new developments to the extent that it is deemed by the Board of Directors not to be detrimental to the ongoing proceedings.

We are confident that justice will prevail, and to such end the ruling by the Sharjah court to effectively disallow QGM to have any influence whatsoever over Thule's assets, is a very big step towards completing Thule Power, Thule Energy and Thule Force. The court recognizes that Thule has paid for and is the rightful owner of the three rigs held ransom by the QGM management and owners.


For further inquiries, please contact :
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thul - Breakthrough in Legal Proceedings in UAE

Company news

2007-11-26 13:18:54

More than four months have passed since QGM closed the yard located in the Hamriyah Free Zone, Sharjah, UAE. This closure denied Thule Drilling its rightful access to its rigs.

This morning, Mr. Ron LeKarz, Strategic Business Advisor to Thule Drilling, notified the Management and Board of Directors of the following positive step forward.

The Sharjah House of Justice today ruled that the Thule rigs can now be accessed under the supervision of a Court appointed guardian. This neutral guardian is an experienced maritime engineer who will do whatever is required to protect the assets of Thule.

In the same ruling, the Court has removed the guardianship of the Thule assets from QGM. The Board considers today's events a significant breakthrough.

Thule will continue to pursue its court actions in Dubai and Sharjah, UAE to re-coupe Thule's losses caused by QGM and its Management.

The Management and Board of Directors of Thule continue to be grateful to those who are assisting them to bring about a resolution and attempt to minimize the harm to Thule.

Thule continues to pursue its rights under the principles of law with utmost respect for the legal processes in the UAE.

Further details will be provided in the quarterly report that will be posted by the end of this week.



For further inquiries, please contact :
Chairman Mr. Hans Eirik Olav on +47 9341 2907 or
CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Resignation of Board Member

Company news

2007-11-19 10:04:10

Frederik Steenbuch has resigned his position as Board Member of Thule Drilling ASA.

The Board thanks Mr. Steenbuch for his valuable contribution during the two years he has been with Thule.

For further inquiries, please contact Chairman Mr. Hans Eirik Olav on +47 9341 2907.

Thule - Further update

Company news

2007-10-12 08:52:28

Inspection of the rigs

On 13 September 2007, Thule Drilling announced that the Company gained limited access to the QGM yard and its rigs. Since then, representatives from Thule Drilling along with a court appointed expert and representatives from QGM have conducted inspections on the rigs and the equipment. The inspections were completed last week. The court appointed expert will submit his report to the court towards the end of next week. Thule expects a positive ruling following this report, which will allow Thule to enter the rigs with a maintenance team.


Access to the rigs

Thule is continuously working with the courts in order to gain full access, and to be able to resume maintenance and construction works on its rigs. Presently, Thule is providing all necessary documentation to prove its ownership to the rigs and equipment, and is confident that once the courts have reviewed the documentation provided, they will rule in Thule's favour.

For further inquiries, please contact Chairman Mr. Hans Eirik Olav on +47 9341 2907 or CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Mandatory notification of trade

Company news

2007-10-11 09:26:32

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 1,282,045 shares in Thule Drilling ASA at a price of NOK 10 per share. Following this transaction, NorInvest Ltd owns 14,122,877 shares in Thule Drilling ASA.

Thule - Court grants Thule limited access to its rigs

Company news

2007-09-13 09:03:39

Thule Drilling ASA is pleased to announce that the Company has gained limited access to the yard and its rigs. The Court of Urgent Matters in the United Arab Emirates has ruled that representatives from Thule Drilling and Noble Denton have gained the right to inspect the rigs and the Thule-owned equipment that is present on the QGM facilities.

The administration and the Board of Thule Drilling deem this ruling as a positive first step to gain full access to the yard. Additional information will be released as the matter is progressing.

For further inquiries, please contact Chairman Mr. Hans Eirik Olav on +47 9341 2907 or CEO Peter K. Gjessing on +47 2415 3900.

Thule - Mandatory notification of trade

Company news

2007-09-03 18:30:23

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 577,353 shares in Thule Drilling ASA at a price of NOK 13 per share. Following this transaction, NorInvest Ltd owns 12,840,832 shares in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2007-09-03 10:26:27

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 362,000 shares in Thule Drilling ASA at a price of NOK 13 per share. Following this transaction, NorInvest Ltd owns 12,263,479 shares in Thule Drilling ASA.

Thule - 2nd Quarter 2007 report

Company news

2007-08-24 13:04:56

The 2nd Quarter Report for Thule Drilling ASA is enclosed. For further information contact Peter K. Gjessing, CEO at +47 2415 3900 or Tom Bergkåsa, Financial Controller at +47 2415 3904.

Thule - Further to the statement dated 4 July 2007

Company news

2007-08-15 08:37:40

On 2 August 2007, Thule Drilling ASA received a letter from QGM Group LLC in which it is stated that it is "completely out of funds" and that the yard will close down permanently. Thule has made several attempts both before and after receiving this letter to settle the matter amicably, regretfully without success.

Thule Drilling ASA has been informed that QGM Group LLC's vendors and subcontractors have filed "writs" against QGM Group LLC. As QGM Group LLC has admitted to be "completely out of funds" bankruptcy proceedings may be initiated by said vendors and subcontractors. As the registered titles to Thule Power, Thule Energy and Thule Force are vested with Thule Drilling ASA, our ownership to the rigs will not be affected by a bankruptcy. In the event of a bankruptcy, Thule Drilling ASA will immediately initiate negotiations with the bankruptcy estate. The first priority will be to secure completion and delivery of Thule Power.

Thule Drilling ASA has emphasized its contractual right to take control over the rigs and complete the rigs with the present workforce, material and equipment of QGM Group LLC's yard, but is still denied access to the yard and the rigs by QGM Group LLC.

Legal proceedings are continuing at the Court of Urgent Matters in the United Arab Emirates (UAE). As injunctive relief is not available under local law, these proceedings are not expected to be finalized in the immediate future.

Thule has also filed three separate criminal charges in the UAE against certain senior management members of QGM Group LLC among others in connection with actions carried out by said individuals that Thule Drilling ASA considers to be fraudulent with the obvious intent to deny Thule Drilling ASA its rightful access and control over its assets at the QGM yard. These cases are currently under investigation by UAE authorities.

Thule Drilling ASA has also initiated dispute resolution under the construction contracts by serving QGM Group LLC a notice of dispute, which has triggered a mandatory negotiation period before arbitration can commence.

In addition to the legal proceedings, Thule Drilling ASA is also working to resolve the matter by assistance of the top management level of various administrative bodies in the UAE and through diplomatic channels. Thule Drilling ASA is also working with the Director General of the Hamriyah Freezone Authority, who supports a speedy resolution of the matter and is endeavouring to achieve that.

Thule Drilling ASA is confident that justice will prevail and that the dispute will be resolved in its favour.

For further inquiries, please contact Chairman Mr. Hans Eirik Olav on +47 9341 2907.

Thule - Mandatory notification of trade

Company news

2007-08-09 14:44:05

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 3,045,275 shares in Thule Drilling ASA at a price of NOK 20 and NOK 21 per share. Following this transaction, NorInvest Ltd owns 11,901,479 shares in Thule Drilling ASA

Endring av aksje: Thule Drilling ASA (THUL)

Corporate actions

2007-08-03 10:10:00

Det er foretatt endringer i Thule Drilling ASA (ISIN:NO0010263056, ticker THUL). Aksjebeholdningen er øket fra 54 487 330 til 54 507 330. Emisjonsverdien er øket fra 711 604 529 til 711 865 729.

Thule - Mandatory notification of trade

Company news

2007-08-01 16:50:11

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 10,000 shares in Thule Drilling ASA at a price of NOK 15.50 per share. Following this transaction, NorInvest Ltd owns 8,856,204 shares in Thule Drilling ASA

Thule - Mandatory notification of trade

Company news

2007-07-20 18:46:06

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 30,000 shares in Thule Drilling ASA at a price of NOK 16.50 per share. Following this transaction, NorInvest Ltd owns 8,846,204 shares in Thule Drilling ASA

Thule - Mandatory notification of trade

Company news

2007-07-11 16:41:10

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 150,000 shares in Thule Drilling ASA at a price of NOK 16.50 per share. Following this transaction, NorInvest Ltd owns 8,816,204 shares in Thule Drilling ASA.

Thul - Statement from Thule Drilling ASA

Company news

2007-07-04 11:55:40

Thule Drilling ASA can confirm that it has commenced legal action against the foreign national shareholders of the QGM Group L.L.C. (QGM), a company registered in Dubai under license number 230018.

This follows QGM's decision to temporarily close its fabrication yard in the Hamriyah Free Zone, located in Sharjah UAE, ceasing operations on contracts on behalf of Thule Drilling, effective June 30, 2007.

The contracts relate to the reconstruction of a drilling rig called Thule Power and the construction of two other rigs called Thule Energy and Thule Force.

Proceedings being mounted under its agreements with QGM, include, but are not limited to, civil actions. It is Thule Drillings' intent to resolve the situation as quickly as possible and have the operations restored to normal working conditions.

Thule Drilling is claiming breach of contract and is pursuing its rights in Dubai, UK and Norwegian courts.

Further information will be made available by Thule Drilling as and when appropriate.

For further inquiries, please contact Chairman Mr. Hans Eirik Olav on +47 9341 2907.

Thul - Completion and testing of Jacking System

Company news

2007-06-26 17:20:31

Thule Drilling is pleased to confirm the successful completion and testing of the "Thule Power" jacking system. On 25 June 2007, the rig was jacked up to its maximum elevation with almost 300 feet of leg protruding below the hull. The whole operation went smoothly and without interruption. By the early hours of 26 June 2007, the rig was jacked down to its working airgap alongside the QGM quayside. Pictures of the operation are posted on our website.

In addition to the jacking trials, QGM has successfully completed the inclining experiment of "Thule Power" which now allows the Company to complete the stability book and operations manual to meet ABS requirements. The operation was a success with no technical problems.

Thule Drilling wishes to thank all involved in the two operations for their cooperation and assistance.


For further inquiries, please contact CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Corr: Mandatory notification of trade

Company news

2007-06-25 16:44:18

For Board Members' and Management's participation in the June 2007 Rights Issue, please see corrected attachment.

Thule - Mandatory notification of trade

Company news

2007-06-22 14:47:30

For Board Member's and Management's participation in the June 2007 Rights Issue, please see attachment.

Thule - Mandatory notification of trade

Company news

2007-06-19 16:43:51

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 111,830 shares in Thule Drilling ASA at a price of NOK 19.00 per share. Following this transaction, NorInvest Ltd owns 5,957,830 shares in Thule Drilling ASA.

Endring av aksje: Thule Drilling ASA (THUL)

Corporate actions

2007-06-19 10:35:56

Det er foretatt endringer i Thule Drilling ASA (ISIN:NO0010263056, ticker THUL). Aksjebeholdningen er øket fra 37 642 000 til 54 487 330. Emisjonsverdien er redusert fra 869 153 780 til 711 604 529.

Thule - Mandatory notification of trade

Company news

2007-06-15 16:38:14

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 6,700 shares in Thule Drilling ASA at a price of NOK 18.00 per share. Following this transaction, NorInvest Ltd owns 5,846,000 shares in Thule Drilling ASA.

Thule - Result of Rights Issue

Company news

2007-06-07 11:23:40

With reference to the rights issue of 16,845,330 shares at a price of NOK 13.06 per share, the subscription period has been completed and the shares have been allotted. A total of 304 investors, representing approximately 97% of the outstanding subscription rights, subscribed for shares. There was a considerable oversubscription. Individual allotments will be communicated by letter to be sent on 7 June 2007. Sufficient funds for payment must be available on each subscriber's account on 8 June 2007 for debiting on 11 June 2007.

For inquiries, please contact CEO Mr. Peter K. Gjessing on +47 2415 3900.

Thule - Mandatory notification of trade

Company news

2007-06-04 16:57:19

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 97,000 shares in Thule Drilling ASA at a price of NOK 17.00 per share. Following this transaction, NorInvest Ltd owns 5,839,300 shares in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2007-06-01 11:04:27

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 8,000 shares in Thule Drilling ASA. Following this transaction, NorInvest Ltd owns 5,742,300 shares in Thule Drilling ASA.

Thule - General Meeting of Shareholders

Company news

2007-05-31 17:37:07

The Annual General Meeting of Thule Drilling ASA was held in Oslo. All items on the agenda were unanimously approved by the shareholders present as proposed by the Board of Directors. The minutes are enclosed.

For further information contact: Peter K. Gjessing, CEO on mobile +47 9748 0108.

Thule - 1st Quarter 2007 report

Company news

2007-05-25 16:29:22

The 1st Quarter Report for Thule Drilling ASA is enclosed. For further information contact Peter K. Gjessing, CEO at +47 2415 3908 or Tom Bergkåsa, Financial Controller at +47 2415 3904.

THUL - Melding vedrørende ny emisjonsverdi

Company news

2007-05-22 09:03:34

Jeg viser til melding av 21. mai 2007 vedrørende ny emisjonsverdi registrert på Thule Drilling ASA. Reduksjonen skyldes at emisjonen besto i innløsning av frie tegningsretter (warrants) og ikke var noen ordinær emisjon.

Endring av aksje: Thule Drilling ASA (THUL)

Corporate actions

2007-05-21 12:09:14

Det er foretatt endringer i Thule Drilling ASA (ISIN:NO0010263056, ticker THUL). Aksjebeholdningen er øket fra 36 950 000 til 37 642 000. Emisjonsverdien er redusert fra 1 247 062 500 til 869 153 780.

Thule Drilling ASA - Notice of Annual General Meeting

Company news

2007-05-16 14:44:31

Notice is hereby served that the annual general meeting of Thule Drilling ASA will be held 31 May 2007 at 5 pm in the Auditorium on the first floor, Karenslyst Alle 2, Oslo, Norway. The notice is enclosed.

Thule Drilling ASA - Innkalling til ordinær generalforsamling

Company news

2007-05-16 14:37:44

Det innkalles herved til ordinær generalforsamling i Thule Drilling ASA 31 mai 2007 kl. 1700 i Auditoriet i første etasje, Karenslyst Alle 2, Skøyen. Innkallingen er vedlagt.

Thul - Share Issue Update

Company news

2007-05-14 21:08:16

On 14 May 2007, the Board of Directors of Thule Drillling ASA resolved to issue 16,845,330 new shares in a rights' issue to existing shareholders as of the close of business on 14 May 2007. Shareholders will receive 0.447 non-transferable subscription rights for each share held at such time. The subscription price is NOK 13.06 per share. Full subscription has been guaranteed by a guarantee consortium. The shares will be traded exclusive of subscription rights from and including 15 May 2007.

For inquiries, please contact the Chairman Mr. Hans Eirik Olav on + 47 9341 2907 or CFO/acting CEO Mr. Peter K. Gjessing on +47 2415 3900.

THUL - SHARE ISSUE

Company news

2007-05-14 14:49:29

In a meeting later today, the Board of Directors of Thule Drillling ASA will consider a proposal for issuing 16,845,330 new shares in a rights' issue to existing shareholders. Under the proposal, shareholders as of the close of business today, 14 May 2007, will receive 0.447 non-transferable subscription rights for each share held at such time. The proposed subscription price is NOK 13.06 per share. Assuming that the proposal is adopted by the Board of Directors, the shares of Thule Drilling ASA will be traded exclusive of subscription rights from and including 15 May 2007.

For inquiries, please contact the Chairman Mr. Hans Eirik Olav on + 47 9341 2907 or CFO/acting CEO Mr. Peter K. Gjessing on +47 2415 3900.

THUL - DELIVERY OF THULE POWER

Company news

2007-05-09 21:57:48

In cooperation with its on-site supervision team from Noble Denton and its operations managers, KCA Deutag, Thule Drilling has decided to extend the delivery date for "Thule Power" to 31 August 2007.

The recently revised completion plan and delivery schedule from QGM has an estimated delivery date at the end of July 2007. However, the decision has been made to include a time buffer in case of unforeseen or unexpected events that could occur during the final completion of the rig, in particular related to the most important commissioning phase towards the client.

In addition to the weekly updates and progress reports, the client has been informed of this revised delivery date. Thule Drilling will continue it's current practice to communicate developments on a continued basis to the client. The main reasons for the delay are slower than planned progress on electrical cabling, high pressure piping and the hydraulic systems and testing of drilling equipment. At present, overall progress is good. Please also see the attached progress report.

The project cost for the rebuilt "Thule Power" will be approximately USD 110 million, including the additional cost of a full compliment of rig crew.

For inquiries, please contact the Chairman Mr. Hans Eirik Olav on + 47 9341 2907 or CFO/acting CEO Mr. Peter K. Gjessing on +47 2415 3900.



STUATUS REPORT ON THE RECONSTRUCTION AND COMPLETION OF "THULE POWER"

Following summary of progress is provided by the Thule Drilling on-site management team:

The progress of construction on "Thule Power" continues at a steady pace, with good progress being made in all areas of the rig. Over the past couple of weeks, the following major work fronts have been completed and satisfactorily commissioned:

- High Pressure Piping
- Hydraulic System
- HPU
- First level of accommodation
- Air conditioning system
- Both Lifeboats

In addition to the above, commissioning of the drill floor systems continues as well as the jacking system, marine monitoring systems and all other mechanical areas of the machinery deck. Additionally, the plan includes completion of the galley, laundry and other areas of the accommodation, commissioned within the next 2 weeks.

Whilst progress continues, areas of concern still remain with regard to the jacking system, electrical installation and final commissioning of the rig and associated drilling systems. The level of progress in connection with cable pulling and termination remains a high priority in order to allow sufficient drilling systems to be operational for final commissioning. These areas are being closely monitored in order to ascertain how best to improve progress and maintain the delivery schedule to the client.

The on-site management of Thule Drilling is pleased with the current progress, and report positive developments on all work fronts. Updated pictures are regularly posted in our internet site: www.thuledrilling.no.

Thule - Mandatory notification of trade

Company news

2007-05-04 17:07:39

August AS, owned by board member Henrik A. Christensen, has sold 18,000 shares in Thule Drilling ASA at a price of NOK 22.00 per share. Following this transaction, Henrik A. Christensen controls 0 shares and 50,000 options in Thule Drilling ASA.

Thul - Administrerende Direktør fratrer

Company news

2007-04-19 19:00:30

Thule Drilling ASA ("Thule") og Thules administrerende direktør Kai Solberg-Hansen har blitt enige om at han skal fratre stillingen som administrerende direktør i Thule.

Kai Solberg-Hansen vil etter behov yte assistanse til Thule Drilling på konsulentbasis.

I henhold til ansettelsesavtalen har Kai Solberg-Hansen og Thule blitt enige om at han skal motta ett års lønn tilsvarende NOK 1,5 millioner i avgangsvederlag. I ansettelsesavtalen til Kai Solberg-Hansen har han fraskrevet seg stillingsvernet og det er avtalt at avgangsvederlaget i en situasjon som denne skal tilsvare ett års lønn.

Thules finansdirektør Peter K. Gjessing vil bli konstituert som administrerende direktør inntil videre. Selskapets styreformann, Hans Eirik Olav vil i perioden frem til ny administrerende direktør er ansatt, ta aktivt del i selskapets daglige drift.

For eventuelle spørsmål kontakt Styrets formann Hans Eirik Olav, mobil 93 41 29 07.

Thul - Chief Executive Officer resigns

Company news

2007-04-19 18:59:20

Thule Drilling ASA ("Thule") and Thule's Chief Executive Officer Kai Solberg-Hansen have agreed that he shall resign from his position as CEO of Thule.

Kai Solberg-Hansen will assist Thule Drilling on a consultancy basis as required.

According to the employment agreement, Kai Solberg-Hansen and Thule have agreed that he shall receive one year's salary of NOK 1.5 million as severance pay. In his employment agreement, Kai Solberg-Hansen has waived his statutory employment rights and the agreed severance pay in a situation like this shall correspond to one year's salary.

Thule's Chief Financial Officer Peter K. Gjessing will temporarily assume the position as CEO until further notice. The Company's Chairman of the Board, Hans Eirik Olav, will participate actively in the day to day work of Thule until a new CEO is in place.

Please contact the Chairman of the Board, Hans Eirik Olav, for any inquiries on +47 93 41 29 07.

Thul - New Chief Operating Officer in Thule Drilling ASA

Company news

2007-04-12 15:56:09

Thule Drilling has engaged Colin R. Barden as Chief Operating Officer (COO). Mr Barden will be residing in Dubai and work at the QGM premises in Hamriyah, UAE. His main responsibility will be to look after the construction of Thule's jack-up new-build program at the QGM yard.

Mr. Barden has extensive background from leading positions in the offshore drilling industry from 1970.

Mr Barden is reporting to the Company's CEO.

We firmly believe that Collin will be a valuable asset to Thule Drilling.

For further information contact: Kai Solberg-Hansen, President and CEO on phone: + 47 - 9205 1455

THUL - Voluntary Offer on Thule Drilling ASA withdrawn

Company news

2007-03-31 17:44:56

See attached press release.

Thule - Mandatory notification of trade

Company news

2007-03-30 09:53:36

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 50,000 shares in Thule Drilling ASA. Following this transaction, NorInvest Ltd owns 5,734,300 shares and 340,000 warrants in Thule Drilling ASA.

Thule - Styrets kommentarer til budet fra Vanguard Oil & Gas International Ltd

Company news

2007-03-26 14:12:52

Aksjonærene i Thule Drilling ASA ("Thule") mottok fredag 23. mars 2007 et bud på NOK 27,00 pr. aksje fra Vanguard Oil & Gas International Ltd ("Vanguard").

Aksjene i Thule er notert på OTC-listen, og reglene for frivillig tilbud i Lov om verdipapirhandel kap. 4 er således ikke direkte anvendelig, ettersom Thules aksjer ikke er notert på Oslo Børs. Selskapet har imidlertid i sin noteringsavtale med Fondsmeglerforbundet forpliktet seg til - så langt som mulig - å overholde regelverket for børsnoterte selskaper. På denne bakgrunn har styret i Thule besluttet å komme med en anbefaling til sine aksjonærer i forhold til budet fra Vanguard.

Styret i Thule er av den oppfatning at budet fra Vanguard er beheftet med en del åpenbare svakheter for Thules aksjonærer. Vi nevner spesielt at likebehandlingsprinsippet ikke er overholdt, ettersom Vanguard i budet har meddelt at de forbeholder seg retten til kun å akseptere å kjøpe 51 % av aksjene i Thule. Styret vil ikke anbefale et forslag som medfører en slik åpenbar forskjellsbehandling av aksjonærene. Videre har Vanguard i sitt bud inntatt et due diligence forbehold som skal løpe i en måned, og i denne perioden kan de aksjonærer som har akseptert tilbudet ikke selge sine aksjer. I realiteten innebærer dette forbeholdet at Vanguard vil kunne sitte på en opsjon på å kjøpe selskapet i en måned, hvor de kan trekke seg når som helst av hvilken som helst grunn. Styret vil ikke anbefale et slikt forbehold.

Styret i Thule vil selvfølgelig vurdere alle seriøse bud på selskapet, som hensyntar likebehandlingsprinsippet samt at det foreligger akseptable forbehold.

På ovennevnte bakgrunn har styret i Thule enstemmig besluttet å ikke anbefale at selskapets aksjonærer aksepterer tilbudet fra Vanguard av 23. mars 2007.

Fearnley Fonds vil bistå selskapet i den grad det vurderes nødvendig for denne eller liknende prosesser.

Eventuelle spørsmål kan rettes til selskapets administrerende direktør, Kai Solberg-Hansen på telefon + 47-92 05 14 55 eller styreleder Hans Eirik Olav: +47 93412907

Thule - Comments from the Board of Directors on the offer from Vanguard Oil & Gas International Ltd.

Company news

2007-03-26 14:07:51

The shareholders of Thule Drilling ASA ("Thule") received an offer of NOK 27.00 per share on Friday 23 March 2007 from Vanguard Oil & Gas International Ltd ("Vanguard").

The shares of Thule are traded on the OTC-list and the regulations of voluntary offers referred to in the Securities Trading Act, section 4 (Lov om verdipapirhandel) are consequently not directly applicable since Thule's shares are not listed on the Oslo Stock Exchange. However, in the agreement with the Norwegian Securities Dealers Association, the Company has accepted - as much as possible - to adhere to the regulations applicable to publicly listed companies. Consequently, the Board of Directors has decided to make a recommendation to its shareholders regarding the offer from Vanguard.

The Board of Thule is of the opinion that the offer from Vanguard has a few obvious weaknesses in relation to the shareholders of Thule. In particular, the principle of equal treatment of all shareholders is not complied with, since Vanguard has informed in their offer that they reserve the right to only accept acquiring a 51% shareholding. The Board of Thule will not recommend an offer that leads to differential treatment of the shareholders. Furthermore, Vanguard has in their offer a due diligence subject lasting one month, and during this period the shareholders accepting the offer cannot sell their shares. In reality, this subject will give Vanguard a one month option to buy the Company, still having the possibility to withdraw the offer at any time for any reason. The Board of Thule will not recommend such a subject.

The Board of Thule will take into consideration any serious offer to buy the Company that includes principles of equal opportunity to the shareholders and other acceptable subjects.

Based on the above, the Board of Directors of Thule has unanimously decided to recommend to the Company's shareholders not to accept the offer from Vanguard dated 23 March 2007.

If deemed necessary, Fearnley Fonds will assist the Company with this or similar offers.




For further information please contact:

President and CEO, Kai Solberg-Hansen on phone: + 47-92 05 14 55 or
Chairman of the Board, Hans Eirik Olav: + 47-93 41 29 07

Thule - Voluntary Offer to purchase all outstanding shares in Thule Drilling ASA

Company news

2007-03-23 13:15:18

With respect to the offer made by Vanguard Oil today, the Board of Directors of Thule Drilling will review this offer during the weekend and will issue a statement on Monday, 26th March 2007.

Thule - Bond Loan USD 40 mill secured

Company news

2007-03-16 16:06:12

Thule Drilling is pleased to announce that the Company has secured a USD 40 million bond loan. Fearnley Fonds has acted as manager for the issue.

For further information, please contact CFO Peter K. Gjessing at +47 2415 3908.

Thule - Extraordinary General Meeting of Shareholders, 16 March 2007

Company news

2007-03-16 15:56:13

The extraordinary general meeting was held on the premises of Thule Drilling on 16 March 2007. All items on the agenda were unanimously approved by the shareholders present as proposed by the Board of Directors. The minutes are enclosed.

For further information contact CEO Kai Solberg-Hansen on mobile +47 2415 3902.

Thule - Proposed Equity Offering

Company news

2007-03-16 14:19:47

An extraordinary general meeting of Thule Drilling ASA was held on 16 March 2007. The general meeting granted the board of directors an authority to increase the Company's share capital in accordance with the proposal set out in the notice. On the basis of this authority, the board of directors intends to carry out a rights issue of 16,845,330 new shares directed towards existing shareholders at a subscription price of NOK 13.06 per share.

For further information, please contact CEO Kai Solberg-Hansen on phone + 47 2415 3900

Thule - 4th Quarter 2006 report

Company news

2007-03-04 20:06:06

The 4th Quarter Report for Thule Drilling ASA is enclosed. For further information contact Kai Solberg-Hansen, President & CEO at +47 - 24 15 39 02 or Peter K. Gjessing, CFO at +47 24 15 39 08.

Thule Drilling ASA - Notice of Extraordinary General Meeting

Company news

2007-03-02 16:24:09

Notice is hereby served that an extraordinary general meeting of Thule Drilling ASA will be held 16 March 2007 at 2 pm in Karenslyst Alle 2, auditorium, 1st floor, Oslo, Norway. Enclosed is the notice.

Thule - Corrective Statement

Company news

2007-03-02 09:58:04

Reference is made to our press release of 17 January 2007 "Status of completion of jack-up Thule Power".
In that press release we stated that one of the reasons for the delay of delivery of the rig was "mechanical breakdown during jacking operations at Dubai Drydocks ("DD") of two of the jacking gears". We also stated that "..progress made while at DD was disappointing as leakage was found on all three spud cans produced by DD".
 
Thule Drilling wishes to clarify that DD did not cause the damage to the jacking gears and DD was not responsible for the jacking operations or any delays. Thule Drilling is very satisfied with the work done by DD in relation to assembling, completion and installation of the legs on the rig, and the work scope was completed in a timely manner within contractual obligations and timescales.
 
Thule Drilling apologizes for any inconveniences DD has experienced due to possible misunderstandings of the said press release.

For further information, please contact Kai Solberg-Hansen, CEO, on phone + 47 2415 3900

Thule - Mandatory notification of trade

Company news

2007-02-16 16:32:01

Peter K. Gjessing, CFO of Thule Drilling ASA, has bought 5,000 shares in Thule Drilling ASA at a price of NOK 16.00 per share. Following this transaction, Peter K. Gjessing owns 30,000 shares and 50,000 options in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2007-02-14 20:56:41

Interrig, represented by Tore Berg, Technical Advisor of Thule Drilling ASA, has bought 5,000 shares in Thule Drilling ASA at a price of NOK 15.90 per share. Following this transaction, Tore Berg controls 20,000 shares, 100,000 warrants and 75,000 options in Thule Drilling ASA

Thule - Mandatory notification of trade

Company news

2007-02-14 20:55:41

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 1,000,000 shares in Thule Drilling ASA at a price of NOK 15,5 per share. Following this transaction, NorInvest Ltd owns 5,684,300 shares and 340,000 warrants in Thule Drilling ASA.

THULE - Change of Chairman of the Board of Directors of Thule Drilling ASA

Company news

2007-02-06 17:38:39

With effect as of today Mr. Henrik Christensen has withdrawn as Chairman of the Board of Thule Drilling ASA for personal reasons. He will continue as a member of the Board of Directors.

The Board members have elected Mr. Hans Eirik Olav as a new Chairman. He has been a member of the Board of Thule Drilling since 4 November 2005.

For further information contact: Kai Solberg-Hansen, President & CEO on phone + 47-2415 3900

Thule - Company Presentation 25th January 2007

Company news

2007-01-25 18:30:46

The Company held a presentation for its shareholders Thursday 25th January 2007. Please find the presentation attached.

Thule - Loan Certificate USD 9 mill secured

Company news

2007-01-25 18:06:54

Thule Drilling is pleased to announce that the Company has secured a USD 9 million, 12 month certificate, pledged against Thule Phoenix, through Fearnley Fonds. The proceeds will be used for completion of Thule Power.

For further information, please contact CFO Peter K. Gjessing at +47 2415 3908.

Thule - Mandatory notification of trade

Company news

2007-01-25 18:00:32

Interrig, represented by Tore Berg, Technical Advisor of Thule Drilling ASA, has bought 5,000 shares in Thule Drilling ASA at a price of NOK 20.00 per share. Following this transaction, Tore Berg controls 15,000 shares, 100,000 warrants and 75,000 options in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2007-01-23 16:22:38

Peter K. Gjessing, CFO of Thule Drilling ASA, has bought 10,000 shares in Thule Drilling ASA at a price of NOK 17.50 per share. Following this transaction, Peter K. Gjessing owns 25,000 shares and 50,000 options in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2007-01-23 09:50:21

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 605,000 shares in Thule Drilling ASA at a price of NOK 20 per share. Following this transaction, NorInvest Ltd owns 4,684,300 shares and 340,000 warrants in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2007-01-18 11:00:18

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 173,100 shares in Thule Drilling ASA at a price of NOK 20.50 per share. Following this transaction, NorInvest Ltd owns 4,079,300 shares and 340,000 warrants in Thule Drilling ASA.

THULE - Status of completion of jack-up Thule Power

Company news

2007-01-17 11:11:59

Following various installation work at Dubai Drydocks ("DDD"), the reconstruction of Thule Power resumed after the rig returned to QGM Group LLC, Sharjah UAE on 5th January 2007. A complete revision of the plan to complete the rig has recently been concluded. Handover from QGM to Thule Drilling is now scheduled for mid May 2007. The rig will commence on the four year fixed contract with Saudi Aramco following mobilisation to Ras Tanura, Saudi Arabia by the end of May 2007. The approximate 90 days of delay at the start of the contract from 1st March to end of May 2007 allows for a 50% dayrate deduction by Saudi Aramco from the first 90 days of operation. For Thule Drilling this penalty will have an effect on the net EBITDA contribution being reduced from USD 130 million to about USD 123 million over the fixed contract term.

The delay will add another USD 3-4 million to the construction cost of Thule Power to about USD 106 million including finance cost, supervision, administration, and extras to comply with the Saudi Aramco specific requirements to enhance the rig's capabilities. The performance bonus of USD 3.6 million in favour of QGM will not be paid due to delayed completion.

Reasons for the 3 months delay refer to a mechanical breakdown during jacking operations at DDD of two of the jacking gears with long lead delivery of new spares. The default causing the breakdown has since been remedied. Also the progress made while at DDD was disappointing as leakage was found on all three spud cans produced by DDD. This caused extra docking time. At DDD we also experienced shortage of labour resources, limited access to cranes due to crane downtime for maintenance as well as limitations of access of QGM's and QGM's subcontractor's labour force. Consequently the improved performance expected while at DDD did not materialize. In addition, the preparations made by QGM prior to moving to DDD turned out to be inadequate. QGM's plan for meeting the completion date previously planned for mid February clearly underestimated the time and resources required after return of the rig from DDD.

Remedies have been implemented to secure May 2007 completion. The project management at QGM has been partly replaced and supervision strengthened also by bringing in experienced rig builders from Davie Shipyard in Canada. Sufficient workforce has been secured. The present plan is based on detailed and well documented CTRs which have been thoroughly quality checked. The plan allows for adequate time for contingency for the testing and commissioning phase.

The delayed completion has been presented to Saudi Aramco and cooperation will continue towards the adjusted commencement date with regular reporting of progress and coordination of integrated commissioning with Saudi Aramco's acceptance test procedures.

The effect of the delay in completing Thule Power will result in an increased funding requirement for Thule Drilling of about USD 35 million. This requirement relates to about USD 17 million for delayed commencement (including penalty) of the drilling contract, USD 6 million relates to none exercise of 1.65 million warrants by founders of the Company (expire as delivery of Thule Power is completed after date of right to exercise on 14 April), and the rest to adjustment of Thule Power reconstruction cost, finance cost and other items. It is assumed that the 3.5 million warrants linked to the original bond financing will be exercised early May 2007. It is the intention of the Board of Directors to minimize dilution of values for the present shareholders by finding the optimal balance between bond and equity financing. Any equity financing will be made in favour of existing shareholders. Major shareholders have accepted to provide a subscription guarantee for the equity portion. The Board of Directors will revert with a final financing proposal.

The construction of the two 300 ft water depth jack-ups of the Friede & Goldman Super M2 design, Thule Energy and Thule Force, is progressing well at QGM and scheduled delivery is maintained as first and second quarter of 2008 respectively.

The Company will hold a presentation for Shareholders on Thursday at 16:00, 25 January 2007 at Karenslyst allé 2, auditoriet 1.etg, Skøyen

For further information, please contact Kai Solberg-Hansen, President & CEO on phone + 47 - 2415 3900

Thule - Mandatory notification of trade

Company news

2007-01-09 20:02:57

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 20,000 shares in Thule Drilling ASA. Following this transaction, NorInvest Ltd owns 3,906,200 shares and 340,000 warrants in Thule Drilling ASA.

Thule - Extraordinary General Meeting of Shareholders, 19 Dec 2006

Company news

2006-12-22 12:40:09

The extraordinary general meeting was held in the offices of Thule Drilling on December 19th 2006. All items on the agenda were unanimously approved by the shareholders present as proposed by the Board of Directors. The minutes of the meeting is enclosed.

For further information contact: Kai Solberg-Hansen, CEO on mobile +47 9205 1455.

Thule Drilling ASA - Notice of Extraordinary General Meeting

Company news

2006-12-04 13:36:35

Notice is hereby served that an extraordinary general meeting of Thule Drilling ASA will be held 19 Dec 2006 at 4 pm in Karenslyst Alle 2, 5th floor, Oslo, Norway. Enclosed is the notice in both Norwegian and English.

Thule - 3rd Quarter 2006 report

Company news

2006-11-16 15:57:21

The 3rd Quarter Report for Thule Drilling ASA is enclosed. For further information contact Kai Solberg-Hansen, President & CEO at +47 - 24 15 39 02 or Peter K. Gjessing, CFO at +47 24 15 39 08.

THULE - Remaining financing in place for the three jack-ups under construction by Thule Drilling

Company news

2006-11-06 15:02:23

Thule Drilling is pleased to announce the offer of a USD 75 million loan from Fortis Bank to complete the remainder of the required financing for Thule drilling's three jack-ups under construction at QGM at Hamriyah Freeport, Sharjah, UAE.

The loan will be drawn following commencement of Thule Power's four year fixed plus the one year optional contract with Saudi Aramco. Security for the loan is a 1st priority mortgage on Thule Power. The loan has a five year instalment profile, with a balloon of 20% at the end of the fourth year. Interest rate is based on a floating USD Libor plus a margin of 1.5%.

Thule Drilling is now fully financed for the reconstruction of the jack-up Thule Power and the two new-building jack-ups; Thule Energy and Thule Force through the USD 130 million bond debt placed early October 2006. With 12% interest on the bond the overall average interest rate for Thule Drilling's USD 205 million total debt will be about 10.1%.

With a complete financing in place, the intention is to apply for listing of the Company on the Oslo Stock Exchange during first quarter 2007.

Progress of construction:
Since 22 October 2006, Thule Power has been docked at Dubai Drydocks for installation of spud-cans and the upper sections of the legs. It has been decided that the remainder of the mechanical completion of the rig will be carried out at Dubai Drydocks where several work packages have been assigned from QGM to Dubai Drydocks. The rig is now scheduled to return to QGM end of December 2006 for skidding onboard the integrated package of cantilever, drill floor, derrick and drilling equipment meanwhile completed and commissioned at QGM. Final overall commissioning and acceptance testing is scheduled for January 2007.

The construction of the new-building Thule Energy is running a few weeks behind schedule due to priority given to the completion of Thule Power. However, an improvement plan is in place engaging subcontractors and an increased allocation of construction workers at QGM to catch up on the construction of hull modules. The construction of Thule Force is proceeding according to plans. Delivery is still scheduled for 4th quarter 2007 and 1st quarter 2008 respectively for the two jack-ups.

For further information, please contact Kai Solberg-Hansen, President & CEO on phone + 47- 2415 3900

THULE - Jack-up "Thule Power" successfully loaded out and jacked up at the QGM yard this week

Company news

2006-10-13 15:26:11

The Jack-up "Thule Power" is being reconstructed and upgraded at the QGM Group LLC yard facility at Hamriyah Freeport, Sharjah, UAE.

The load out of the jack-up "Thule Power" from its position on land was made by lifting the rig by six hydraulic trailer trains, rolling onto a submersible load-out barge. When on the barge, the legs of the rig were jacked down to sea bed. Thereafter the barge was removed with the trailers onboard by ballasting and the effect of a falling tide.

The load-out of "Thule Power" is a key milestone in the construction schedule as it precedes a planned six week visit (departing QGM on 18 October) to Dubai Drydocks for new spud cans and leg extensions. Upon completion of these two major tasks, the rig will return to QGM for the installation and hook-up of the complete drilling package, preassembled onto the derrick, drill floor and cantilever which will be skidded onboard the rig as one unit. Thereafter the final integrated commissioning and acceptance testing by Saudi Aramco is scheduled to be completed during January 2007 prior to the rig's ultimate departure for the four year fixed plus one year optional contract period offshore Saudi Arabia.

With overall dimensions of 62 meters length and 66 meters width, with a total mass of 4,400 metric tons, this load-out is the first of its size and type (certainly of an offshore drilling rig) to be executed in the region.

The whole operation was a tribute to the expertise of QGM's team of naval architects and engineers forming an essential element of a well concerted team consisting of personnel from Hamriyah Free Zone Port, Noble Denton Associates acting for Thule Drilling, the Salvage Association acting as warranty surveyors for the insurance underwriters and Abu Dhabi based Al Jaber Establishment as load-out contractors that provided specialist personnel and the necessary hydraulic trailer trains for the operation.

Thule Drilling's jack-up new-buildings at QGM, the "Thule Energy" and "Thule Force", will be loaded out in an identical manner to that adopted this week.

Pictures from this operation are available on Thule Drilling's web page www.thuledrilling.no / The fleet / Thule Power / New Pictures Load-out.

For further information, please contact Kai Solberg-Hansen, President & CEO on phone + 47- 2415 3900

THULE - USD 130 million Bond financing

Company news

2006-09-21 08:47:19

Thule Drilling ASA is pleased to announce that the placement of a USD 130 million bond financing was successfully completed yesterday by Fearnley Fonds.

The main terms and conditions are as follows:
Coupon: 12 % p. a. payable semi-annually
Maturity: 3 years
Security: 1st Priority Mortgage in the jack-ups "Thule Power", "Thule Energy" and "Thule Force", with the right to replace the 1st priority security in "Thule Power" with a loan facility of up to USD 75 million following the delivery of "Thule Power" to the Saudi Aramco Contract.

The purpose of the loan is to repay the existing NOK 250 million (about USD 40 million) bond loan on "Thule Power" and use the balance on the two newbuildings "Thule Energy" and "Thule Force".

The Company is also in the final stages of negotiations with an international bank to finance the remaining USD 75 million to complete the two newbuildings under construction. Based on this, Thule Drilling ASA will be fully financed with a USD 205 million combined bond and bank loan for its four assets (including the semi- submersible bare-deck "Thule Phoenix"). The total invested value is about USD 400 million and total estimated market value is USD 550-600 million when the rigs under construction are completed.

Thule Drilling is also pleased to inform that the reconstruction of "Thule Power" is progressing according to schedule for delivery end of January 2007 on the four + one year contract with Saudi Aramco, that gives a capital contribution (EBITDA) of USD 130 million over the fixed period.

For further information, contact Kai Solberg-Hansen, President and CEO, at + 47-9205 1455.

Thule - Mandatory notification of trade

Company news

2006-09-18 16:03:33

KSH Consult & Invest, a company controlled by Kai Solberg-Hansen managing director of Thule Drilling ASA, has bought 10,000 shares in Thule at a price of NOK 23.50 per share. Following this transaction KSH Consult & Invest owns 70.000 shares and 100.000 warrants in Thule Drilling ASA. In addition Kai Solberg-Hansen owns 100,000 options in the Company

Thule - Improvement of the financial standing of QGM and its ability to improve its performance

Company news

2006-09-06 14:29:35

QGM Group LLC, in the United Arab Emirates, is constructing the 3 jack-up rigs "Thule Power", "Thule Energy" and "Thule Force" for Thule Drilling.

Thule Drilling and QGM have entered into a loan agreement where Thule Drilling provides a USD 22 million loan facility to improve QGM's financial standing. The main purpose of the loan is to finance the current and future investments made in infrastructure, plant and machinery at the yard and enable QGM to expand further and upgrade the yard to meet the increased demands of their customers.

The loan carries an interest rate of 10.5 %. The loan is secured through first priority pledge in the shares of QGM, inventory, and plant and equipment belonging to QGM. The loan matures on 31 May 2008.

Repayment of the loan will mainly be based on the following conditions:

Tranche 1: USD 12 million is due on 31 May 2008, with a discount of 30% if "Thule Power" is delivered before 15 February 2007, which will allow for arrival at location in Saudi Arabian waters before penalties for delayed delivery starts accruing under the Saudi Aramco long term contract. This timely delivered discount/bonus will be added to the total project cost of USD 100 million (including finance) of "Thule Power".

Tranche 2: USD 10 million is also due on 31 May 2008. However, if "Thule Energy" and "Thule Force" are delivered on schedule, which is end November 2007 and end of March 2008, respectively, plus a 3 month grace period, the loan will be converted into a timely bonus of USD 5 million for each rig. This timely delivery bonus, if awarded, will be added to the rig cost of USD 125 million including USD 3 million contingency and USD 2 million site supervision.

The price for all three units is, even if the bonuses are awarded, still very competitive and about USD 20-25 million less than comparable designs with almost the same specification and equipment being constructed at other yards, and with later deliveries.

If QGM fails to repay the loans or meet delivery deadlines, Thule has the option to acquire between 35-100% of QGM from its owners at no cost, however with no intention to request changes in the Management of the yard. This will secure ownership in a qualified offshore rig building yard with fully developed infrastructure, offices, accommodation for up to 1000 workers, warehouses, workshops and machinery. The yard is ideally placed at a prime location in the busiest and fastest growing area of the Middle East.

As part of the loan condition, the exercise of the new-building options at QGM has been extended by three months, at a price limited to the level of "Thule Energy" and "Thule Force" with added adjustments for price increase in steel, equipment and labor. The subsequent new-building options are based on actual cost to QGM, plus a capped 10% margin on QGM's direct share of the construction cost.

The Board is pleased with this arrangement as it also helps to secure the satisfactory completion of the three Thule Drilling rigs under construction, and at the same time gives the owners of QGM the best incentive to deliver on time. It further improves the ability for QGM to continue to grow and secure future work, including exercising further new-building options by Thule Drilling, assuming the employment and market outlook are promising. If the loan is not repaid or delivery deadlines are not met, Thule Drilling will obtain controlling interest in a modern, well-equipped offshore yard located in a prime area.

Please see the Attachment to the Press Release giving more detailed information.

For further information, please contact Kai Solberg-Hansen, President and CEO on phone
+ 47- 2415 3900

Thule - Mandatory notification of trade

Company news

2006-08-29 16:42:26

Peter K. Gjessing, CFO of Thule Drilling ASA,has bought 5,000 shares in Thule Drilling ASA at a price of NOK 27.00 per share. Following this transaction, Peter K. Gjessing owns 15,000 shares and 100,000 options in Thule Drilling ASA.

Thule - Report 2nd Quarter 2006

Company news

2006-08-22 17:26:11

The 2nd Quarter Report for Thule Drilling ASA is enclosed. For further information contact Kai Solberg-Hansen, President & CEO at +47 - 24 15 39 02 or Peter K. Gjessing, CFO at +47 24 15 39 08.

Thule - Presisering vedrørende børsprosess

Company news

2006-08-17 14:52:08

Det er ikke noe nytt når det gjelder Thule Drilling's børsprosess. Det er heller ikke fra Børsens side vært foretatt noen vurdering av Thule Drilling som børskandidat siden oktober 2005.

Selskapet besluttet i mai å utsette børssøknaden inntil kontraktsituasjonen med JU riggen "Thule Power" var avklart, og fullfinansiering av nybyggene "Thule Energy" og "Thule Force" var på plass. "Thule Power" ble i juli tildelt en kontrakt på 4 år (+1 år opsjon) til Saudi Aramco på svært gode betingelser, med oppstart januar 2007. Videre finansiering av Selskapet basert på låneopptak er under utarbeidelse basert på mottatte tilbud. Børssøknad vil som meddelt i går bli gjenopptatt så snart finansieringen er endelig på plass.

På grunn av Børsens interne reglement kan en børssøknad ikke ligge latent over mer enn 2-3 børsstyremøter, og Thule ble derfor anmodet om formelt å trekke søknaden tilbake. Dette ble etterkommet. Det er i den sammenheng ingen ny vurdering av Selskapet fra Oslo Børs.

For ytterligere opplysninger kontakt Kai Solberg-Hansen, President & CEO på telefon + 47 2415 3900.

Thule - Stock listing

Company news

2006-08-16 15:55:23

Thule Drilling ASA is formally withdrawing the earlier application for stock listing on the Oslo Stock Exchange due to the Exchange's internal rules. A new application for stock listing will be submitted when the financing of the newbuildings is in place this fall.

Thule - Mandatory notification of trade

Company news

2006-08-07 08:45:23

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 55,000 shares in Thule Drilling ASA. Following this transaction, NorInvest Ltd owns 3,886,200 shares and 340,000 warrants in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2006-08-02 16:50:42

Juno Finans AS, owned by board member Hans Eirik Olav, has sold 3,000 shares in Thule Drilling ASA at a price of NOK 30.00 per share. Following this transaction, Hans Eirik Olav controls 15,000 shares and 50,000 options in Thule Drilling ASA

Thule - Mandatory notification of trade

Company news

2006-08-02 16:39:59

August AS, owned by the chairman of the board Henrik A. Christensen, has sold 167,000 shares in Thule Drilling ASA at an average price of NOK 31.80 per share. Following this transaction, Henrik A. Christensen controls 18,000 shares, 60,000 warrants and 100,000 options in Thule Drilling ASA.

Thule - Shareholder letter

Company news

2006-07-31 09:14:54

Please find enclosed Shareholder Letter for update of latest events on "Thule Power".

For further information contact: Kai Solberg-Hansen, President & CEO on phone + 47 2415 3900.

Thule - Jack-up "Thule Power" on contract to Saudi Aramco for 4 years

Company news

2006-07-31 08:53:30

The Jack Up drilling rig "Thule Power" has been awarded a four year contract with Saudi Arabian Oil Company ("Saudi Aramco"). Saudi Aramco has an option to extend the contract for one additional year.

The contractual commencement date is 31 January 2007.

KCA DEUTAG Saudi Arabia Drilling Ltd is the contract holder with Saudi Aramco and will manage and operate "Thule Power" as Drilling Contractor / Manager. As a wholly-owned subsidiary of Abbot Group plc, KCA DEUTAG is the largest offshore platform drilling contractor in the North Sea, one of the largest international land drilling contractors outside the Americas, and is a world leader in engineering, rig design, construction and operation. It employs over 5,000 people worldwide and has recently announced the takeover of Songa Drilling, which includes three jack-ups. KCA DEUTAG is well suited to manage "Thule Power".

The Board is very pleased with the contract awarded by Saudi Aramco to KCA DEUTAG for "Thule Power". The Board is confident that this will be a successful employment for "Thule Power".

For further information contact: Kai Solberg-Hansen, President & CEO on phone + 47 2415 3900.

Thule - Mandatory notification of trade

Company news

2006-06-12 09:31:01

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 100,000 shares in Thule Drilling ASA. Following this transaction, NorInvest Ltd owns 3,831,200 shares and 340,000 warrants in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2006-06-06 17:22:02

August AS, owned by the chairman of the board Henrik A. Christensen, has bought 110,000 shares in Thule Drilling ASA at a price of NOK 28.00 per share. Following this transaction, Henrik A. Christensen controls 185,000 shares, 60,000 warrants and 100,000 options in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2006-06-01 13:18:40

Juno Finans AS, owned by board member Hans Eirik Olav, has bought 18,000 shares in Thule Drilling ASA at a price of NOK 28.00 per share. Following this transaction, Hans Eirik Olav controls 18,000 shares and 50,000 options in Thule Drilling ASA

Thule - Mandatory notification of trade

Company news

2006-05-29 17:10:32

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 200,000 shares in Thule Drilling ASA at a price of NOK 27.00 per share. Following this transaction, NorInvest Ltd owns 3,731,200 shares and 340,000 warrants in Thule Drilling ASA. Previous balance was by error reported 100.000 shares larger than actual.

Thule - Report 1st Quarter 2006

Company news

2006-05-23 18:58:15

The 1st Quarter Report for Thule Drilling ASA is enclosed.
For further information contact Kai Solberg-Hansen, President & CEO at +47 - 24 15 39 02

Thule - Mandatory notification of trade

Company news

2006-05-18 14:02:13

NorInvest Ltd, represented by board member Anders-Ivar Olsen, has bought 100,000 shares in Thule Drilling ASA at a price of NOK 30.007 per share. Following this transaction, NorInvest Ltd owns 3,631,200 shares and 340,000 warrants in Thule Drilling ASA.

Thule - Mandatory notification of trade

Company news

2006-05-12 11:47:24

Board member Anders-Ivar Olsen, representing NorInvest Ltd, has bought 100,000 shares in Thule Drilling ASA at a price of NOK 32 per share. Following this transaction, NorInvest Ltd owns 3,531,200 shares and 340,000 warrants in Thule Drilling ASA.

Thule – General Meeting of Shareholders, 4 May 2006

Company news

2006-05-05 13:53:56

The EGM was held in Oslo. All items on the agenda were unanimously approved by the shareholders present as proposed by the Board of Directors. The minutes are enclosed.

For further information contact: Kai Solberg-Hansen, CEO on mobile +47 9205 1455.

THULE - MANDATORY NOTIFICATION OF TRADE

Company news

2006-05-03 10:28:31

KSH Consult & Invest, a company controlled by Kai Solberg-Hansen managing director of Thule Drilling ASA, has bought13,000 shares in Thule at a price of NOK 32 per share. Following this transaction KSH Consult & Invest owns 60.000 shares and 100.000 warrants in Thule Drilling ASA. In addition Kai Solberg-Hansen owns 200,000 options in the Company

Thule Drilling - Contract Status Thule Power

Company news

2006-05-02 08:28:50

In January 2006, Thule Drilling announced the reward of a Letter of Intent (LOI) with a major national oil company for Thule Power. This LOI did not materialize into a contract as the Board decided not to accept the client's request for an extension, enabling the Company to pursue an alternative employment opportunity for a long term contract on similar or better commercial terms.

Negotiations on technical, legal and commercial details have been ongoing with this oil company since mid February, but ended last Friday following the other party's withdrawal. Their decision was solely due to that the expected delivery schedule for Thule Power in their opinion would not meet their requirements.

In the short perspective, the Board is not pleased with this delay in the contracting of Thule Power as it will postpone the company’s plan for listing on the Oslo Stock Exchange. On the other hand, the jack-up marked is constantly strengthening and this gives Thule Drilling the possibility to exploit alternative and better employment opportunities.

Based on the latest facts, the Board of Directors believes that Thule Power will be completed and ready for drilling in the end of October 2006, to a cost not exceeding contract price including budgeted contingency.

Considering the shortage of suitable jack-ups in the market, the Board is confident that alternative employment on acceptable terms will be found.

The Board has decided to postpone the application for listing on the Oslo Stock Exchange until a suitable employment is in place for Thule Power.

For further information contact: Kai Solberg-Hansen on phone + 47-67 200 330.

Thule Drilling ASA - Notice of Annual General Meeting

Company news

2006-04-20 17:15:26

Notice is hereby served that the annual general meeting of Thule Drilling ASA will be held 4 May 2006 at 4 pm in Felix Konferansesenter, Bryggetorget 3, Aker Brygge, Oslo, Norway. Enclosed is the notice.

Thule Drilling ASA - Innkalling til ordinær generalforsamling

Company news

2006-04-20 17:13:26

Det innkalles herved til ordinær generalforsamling i Thule Drilling ASA 4 mai 2006 kl. 1600 i Felix Konferansesenter, Bryggetorget 3, Aker Brygge, Oslo. Vedlagt er innkalling.

THULE DRILLING POSTPONES THE OSLO STOCK EXCHANGE APPLICATION BY ONE MONTH

Company news

2006-04-06 21:17:13

The Board of Directors of Thule Drilling ASA has decided to request the Oslo Stock Exchange for postponement of the application for listing by one month, to May 2006.

The request is mainly due to delays in the final negotiations for a drilling contract for the Jack-up Thule Power.

For further information contact: The Chairman of the Board, Henrik A. Christensen, phone: + 47- 909 67 683 or President & CEO, Kai Solberg-Hansen, phone + 47-920 51 455

THULE DRILLING CANCELS THE AGREEMENTS WITH TECO MANAGEMENT AS

Company news

2006-04-06 21:15:59

The Board of Directors of Thule Drilling ASA has been informed that a company associated with Teco Management is engaged in a project of ordering new Jack-up drilling rigs. Thule Drilling is of the opinion that establishing such a project represents a breach of the contractual relation between Thule Drilling and Teco Management. For this reason, Thule Drilling has decided to cancel its contractual relations with Teco Management.

As a consequent, Thule Drilling will as soon as practically possible, establish its own administration under the management of its President & CEO, Kai Solberg-Hansen.

Furthermore, Thule Drilling has terminated the Commission Agreement with Teco Management. Thule Drilling has noted that the parties disagree as to whether Teco Managment has any rights to commission from the employment of the company’s Jack-up rigs Thule Power, Thule Force and Thule Energy.

Mr. Tore Enger will withdraw from the Board of Directors of Thule Drilling ASA.

For further information contact: The Chairman of the Board, Henrik A. Christensen, phone: + 47- 909 67 683 or President & CEO, Kai Solberg-Hansen, phone + 47-920 51 455

THULE DRILLING UTSETTER BØRSBEHANDLINGEN EN MÅNED

Company news

2006-04-06 19:08:13

Styret i Thule Drilling ASA har besluttet å anmode Oslo Børs om å utsette behandlingen av selskapets søknad om børsnotering med en måned, til mai 2006.

Dette skyldes i hovedsak forsinkelser i forhandlingene om borekontrakt for THULE POWER.

Kontaktperson: Styrets formann advokat Henrik A. Christensen, tlf. 909 67 683 eller adm. dir. Kai Solberg-Hansen, tlf. 920 51 455

THULE DRILLING ASA AVVIKLER KONTRAKTENE MED TECO MANAGEMENT AS

Company news

2006-04-06 19:06:53

Styret i Thule Drilling ASA er blitt gjort kjent med at et selskap tilknyttet Teco Management AS bearbeider et prosjekt for kontrahering av nye jackup rigger. Thule Drilling er av den oppfatning at etableringen av et slik prosjekt vil representere mislighold av kontraktsforholdene mellom Thule Drilling og Teco Management. På denne bakgrunn har Thule Drilling besluttet å avvikle sine kontraktsforhold med Teco Management.

Thule Drilling vil på denne bakgrunn, så snart det er praktisk mulig, etablere egen administrasjon under ledelse av selskapets adm. direktør Kai Solberg-Hansen.

Thule Drilling har også sagt opp sin kommisjonsavtale med Teco Management. Thule Drilling konstaterer at partene er uenige om Teco Management vil være kommisjonsberettiget ved beskjeftigelse av selskapets rigger, Thule Power, Thule Force og Thule Energy.

Tore Enger har meddelt at han trekker seg fra styret i Thule Drilling ASA.

Kontaktperson: Styrets formann advokat Henrik A. Christensen, tlf. 909 67 683 eller adm. dir. Kai Solberg-Hansen, tlf. 920 51 455

MANDATORY NOTIFICATION OF TRADE

Company news

2006-02-21 10:37:02

Chairman Henrik A. Christensen has on 20.02.2006, through is company August AS, sold 50,000 shares in Thule Drilling ASA at a price of NOK 33.60. August AS owns 75,000 shares, 60,000 warrants and 100,000 options after this transaction.

"THULE CHALLENGE" SOLD FOR NOK 273 MILLION

Company news

2006-02-17 09:08:42

Thule Drilling secures NOK 171 million in gross profits in six months.

In August 2005, Thule Drilling bought the semi-submersible “Gulfdrill 7” (ex. Sedco 708) from Momentum Engineering in Dubai and the semi-submersible “Seascout” from Atwood Oceanic in USA. The total purchase price for the two units wasUSD 27 million (NOK 171 mill).

The semi-submersibles have been renamed “Thule Challenge” and “Thule Phoenix”. While “Thule Phoenix” has a drilling ban for life, “Thule Challenge” has a drilling ban that expires in July 2008. The two rigs were financed in August 2005 through a private placement done by Fearnley Fonds issued at NOK 26,50 per share.

As previously communicated, Thule Drilling is focusing on becoming a pure jack-up rig owner and selling the semi-submersible is thus part of this strategy. Potential buyers are still showing a keen interest, and selling “Thule Phoenix” is a viable option. With yesterdays sale in mind, buying the rigs six months ago were a very good move.

Thule Drilling will book a profit of about NOK 150 million in the first quarter of 2006 due to the sale of “Thule Challenge”. The equity ratio of the company is exceptionally good.

In addition to the remaining semi-submersible, Thule Drilling has the jack-up rig “Thule Power” that is scheduled to be delivered in August 2006. The rig has a letter of intent that secures employment for five years at a rate of USD 80,000 per day. The rig will be repaid in less than three years. In addition, the Company has the two newbuilding jack-up rigs “Thule Energy” and “Thule Force” that will be delivered in November 2007 and March 2008 respectively. Funding for the two rigs was obtained in January 2006 through a private placement done by Fearnley Fonds and First Security. The Company also has an additional nine newbuilding options to build jack-ups at the QGM yard in Dubai, UAE. The first option can be declared in October 2006.

“Thule Challenge” was sold to Atlantic Marine Offshore Services in Dubai.

Endring av aksje: Thule Drilling ASA (THUL)

Corporate actions

2006-02-13 17:25:02

Det er foretatt endringer i Thule Drilling ASA (ISIN:NO0010263056, ticker THUL). Aksjebeholdningen er øket fra 30 200 000 til 36 950 000. Emisjonsverdien er øket fra 1 019 250 000 til 1 247 062 500.

THULE - INTERIM REPORT PER 31.12.2005

Company news

2006-02-13 17:23:33

Please find attached interim report per 31.12.2005 for Thule Drilling ASA.

Thule Drilling ASA - Capital increase

Company news

2006-02-13 17:18:17

Thule Drilling ASA has today issued the second tranche of 6,750,000 new shares in connection with the private placement on January 18, 2006.

The total number of outstanding shares is now 36,950,000.

The capital increase has been registered at The Register of Business Enterprises (Brønnøysund) today.

Endring av aksje: Thule Drilling ASA (THUL)

Corporate actions

2006-01-30 16:53:01

Det er foretatt endringer i Thule Drilling ASA (ISIN:NO0010263056, ticker THUL). Aksjebeholdningen er øket fra 21 200 000 til 30 200 000. Emisjonsverdien er øket fra 561 800 000 til 1 019 250 000.

Thule Drilling ASA - Capital increase

Company news

2006-01-30 16:34:51

Thule Drilling ASA has today issued the first tranche of 9,000,000 new shares in connection with the private placement on January 18, 2006. The second tranche will be issued after the upcoming shareholder meeting on Friday February 3rd.

The total number of outstanding shares is now 30,200,000.

The capital increase has been registered at The Register of Business Enterprises (Brønnøysund) today.

Thule – Successful Private Placement of 15.75 million Shares at NOK 33.75

Company news

2006-01-18 11:08:13

Thule Drilling ASA has made a private placement of 15.75 million shares at a price of NOK 33.75 per share totalling NOK 531.6 million of new equity (ca. USD 80 mill).

The placement was made last evening and this morning by Fearnley Fonds and First Securities.

The total amount of approx USD 80 mill is for the exercise of the two first new-building options at QGM Group LLC, a rig construction yard in the Unite Arab Emirates

QGM is presently reconstructing the JU “Thule Power” for Thule Drilling, now due to be completed for delivery 2nd part of August 2006 and committed on a 5 years bareboat charter at USD 80 000 per day through a Letter of Intent with a major national oil company in the Middle East.

Thule has entered into a construction agreement under Thule’s option program at QGM to build two “Friede & Goldman Super M2” design. This is a proven design with more than 30 units built. The rig has 300 ft water depth capacity and can drill down to 30 000 ft with 3 000 ton variable load, has a cantilever reach of 50ft, and is otherwise fitted with the “state of the art” equipment. This design and equipment specification is ideally suited to the Middle East requirements, the fastest growing JU market in the world.

The total new building cost per rig amounts to USD 126 million including contingency with delivery of one rig in November 2007, and the second during 1st quarter 2008. This is an early delivery compared with the majority of other Jack-Ups under construction. The price compares very favourably with new buildings offered from other JU construction yards.

Through the experience with the marketing of Thule Power, Thule Drilling intends to take advantage of the contacts made in the Middle East to work towards securing long term contracts for the two units to be named “Thule Energy” and “Thule Force” at a relatively early phase of the construction process.

For further information, contact: Kai Solberg-Hansen, President & CEO on + 47 - 67 200 330.

Thule - News of Private placement

Company news

2006-01-18 09:47:12

With reference to an article in today's "Dagens Næringsliv" this is to confirm that Thule Drilling is in the process of making a private placement. Further information will be sent out today before noon.

THULE – LETTER OF INTENT FOR JACK-UP “THULE POWER”

Company news

2006-01-12 08:48:37

Thule Drilling ASA is pleased to announce the receipt of a Letter of Intent (LOI) from one of the major national oil companies in the Middle East. The LOI is subject to final terms and conditions expected to be finalized within end of February 2006.

The contract is for a fixed duration of 5 years. The Thule Power has been chartered out on a bareboat basis with a bareboat hire income to Thule Drilling of USD 80 000 per day for the duration of the contract. This rate represents a Drilling Dayrate of about USD 120 000.

The Thule Drilling Management and Board are very satisfied with this achievement which in relation to the total reconstruction cost of USD 80 million including contingency, represents a 2.7 years payback on the investment. In relation to the investment this LOI award is amongst the best fixtures made in the offshore drilling industry up to now. This is also a recognition of the project and not at least the QGM Yard’s ability to deliver.

Thule drilling will in addition receive a mobilisation fee with a net contribution of about USD 3 million.

The end user has accepted delivery window early July to ultimo November 2006.

Odd Hagen at O-J. Libæk & Partners has acted as broker for Thule Drilling.

For further information contact Kai Solberg-Hansen, President & CEO, on + 47-920 51 455

THULE - INTERIM REPORT PER 30.09.2005

Company news

2005-11-17 18:15:36

Please find attached interim report per 30.09.2005 for Thule Drilling ASA.

Thule – Extraordinary General Meeting of Shareholders, 4 November 2005

Company news

2005-11-04 19:28:49

The EGM was held at Lysaker. All items on the agenda were unanimously approved by the shareholders present as proposed by the Board of Directors with the only exception that clause 5 of the Commission Agreement under item 6 on the agenda was deleted. The following Board members were elected: Brita Eilertsen, Tore Enger, Henrik A. Christensen, Hans Erik Olav and Frederik Steenbuch. Henrik A. Christensen is replacing Tore Enger as Chairman. The minutes will be available on the Company’s web page: www.thuledrilling.no

For further information contact: Kai Solberg-Hansen, CEO on phone +47 67 200 300

Thule – Information Memorandum

Company news

2005-11-04 11:53:20

The Board of Thule Drilling ASA has decided to make public an Information Memorandum with the same content as the Prospectus prepared in connection with the listing application to the Oslo Stock Exchange.

The Memorandum is enclosed and is also available on the Company’s web page: www.thuledrilling.no

For further information, please contact: Kai Solberg-Hansen, CEO on phone: +47-67200330

Thule - Transcript of Minutes in English from Oslo Stock Exchange

Company news

2005-10-31 12:18:03

With reference to the press release from Thule Drilling 27 October 2005, where the company informed about the rejection of the application for listing on the Oslo Stock Exchange, a translation of the minutes has been made into English for the benefit of our English speaking Shareholders and Bondholders.

For further information please contact:
Kai Solberg-Hansen, CEO on phone: + 47-67 200 330:

Thule - Rejection of application for listing on the SMB-list on Oslo Stock Exchange

Company news

2005-10-27 09:44:12

Oslo Stock Exchange has in a Board of Directors meeting 26.10.2005 rejected the application from Thule Drilling ASA for listing on the SMB-list on Oslo Stock Exchange.

Further justification for the rejection can be read in a transcript of minutes from yesterdays Board of Directors meeting at Oslo Stock Exchange, which will be translated into English and included shortly.

The Board of the Oslo Stock Exchange has under doubt concluded that they can not grant dispensation from the requirement of minimum three years operation. The main reasons given are the risk related to the financial ability of QGM (the yard reconstructing the JU rig “Thule Power”) to meet possible cost overruns and complete the unit, and uncertainty in connection with the plans and financing of the two newly acquired semi rigs.

The Board of Directors and the administration disagree and regret the decision from Oslo Stock Exchange. There has not emerged any circumstances in the justification from the Oslo Stock Exchange that has not already been made known to the Company’s shareholders.

The Board intends to summon to a shareholders meeting in advance of the already scheduled extraordinary shareholders meeting 04.11.2005, were the Board and administration will inform of its recommendation in regards to whether Oslo Stock Exchange’s decision will be appealed. The company will start a dialogue with Oslo Stock Exchange regarding a suitable date for listing of Thule Drilling ASA.

The company will moreover maintain the information requirement for companies listed on the A-list on OTC.

For further questions, please contact the following persons on +47 67 200 330:

Kai Solberg-Hansen, CEO
Tore Enger, Chairman of the Board.

Thule - Avslag på søknad om notering på Oslo Børs’ SMB liste.

Company news

2005-10-27 09:41:17

Oslo Børs har 26.10.2005 i børsstyremøte avslått Thule Drilling ASA’ søknad om notering på Oslo Børs’ SMB-liste.

Den nærmere begrunnelse for avslaget kan leses i vedlagte utskrift av protokoll fra gårsdagens styremøte på Oslo Børs.

Børsstyret har under tvil konkludert med at Thule Drilling ASA ikke kan gis dispensasjon for kravet om 3 års virksomhet. Årsaken oppgis i hovedsak å være risiko knyttet til QGM’s (verkstedet som gjenoppbygger JU riggen ”Thule Power”) evne til finansielt å bære en eventuell kostnadsoverskridelse og ferdigstillelse av riggen samt usikkerhet knyttet til planer og finansiering av de to nyervervede semi riggene.

Styret og administrasjonen er uenige i, og beklager, børsens vedtak. Det fremkommer ingen forhold i børsens begrunnelse for avslaget som ikke allerede er kjent for selskapets aksjonærer.

Styret vil innkalle til et aksjonærmøte i forkant av den bebudede ekstraordinære generalforsamling 04.11.2005, der styret og administrasjonen vil meddele sin anbefaling med hensyn til om Oslo Børs’ vedtak skal påklages. Selskapet vil innlede en dialog med Oslo Børs om egnet tidspunkt for børsnotering av Thule Drilling ASA.

Selskapet vil for øvrig opprettholde informasjonsplikten i henhold til OTC’ krav for selskaper på A-listen.

For eventuelle spørsmål kan følgende kontaktes på telefon +47 67 200 330:

Kai Solberg-Hansen, Adm. Dir.
Tore Enger, Styreformann

THULE - Ekstraordinær Generalforsamling 4. november 2005

Company news

2005-10-21 13:44:36

Det innkalles til ekstraordinær generalforsamling
i Thule Drilling ASA 4. november kl 16:30 i
Selskapets lokaler på Lysaker Torg 8, Lysaker.
Innkalling og møteseddel følger vedlagt.

Ønskes nærmere opplysninger vennligst kontakt Kai
Solberg-Hansen, adm.dir. T: + 47 67 200 331

MANDATORY NOTIFICATION OF TRADE

Company news

2005-09-30 09:50:51

Vice-chairman Henrik A. Christensen has on 29.09.2005, through is company August AS, purchased 25,000 shares in Thule Drilling ASA at a price of NOK 29.00. August AS owns 125,000 shares and 60,000 warrants after this transaction.

Thule - Jack-up options / Listing OSE 2 Nov. 2005

Company news

2005-09-29 10:02:39

An agreement between Thule Drilling ASA and QGM Group has been entered into as of today, whereby the deadline for exercising the two first options to build jack-ups at QGM has been extended to 15 November 2005. Original deadline was 1 October 2005.

A dialog with the Yard is still ongoing as regards the selection of design, equipment specification and the pricing of the two first jack-ups. Thule Drilling is still of the opinion that the jack-ups can be constructed at favourable prices compared to Singapore, and with delivery end 2007. It is Thule Drilling’s intention to exercise the two options.

On the assumption that the Board of Oslo Stock Exchange approves the application from Thule Drilling ASA, the first date of listing on the Oslo Stock Exchange has been fixed for 2 November 2005.

No damage to “Seascout” (to be renamed “Thule Phoenix”)
Following the hurricanes Katrina and Rita, inspections have been carried out on the rig. No visible damages have been found. Delivery of the rig to Thule is expected end of next week.

Endring av aksje: Thule Drilling ASA (THUL)

Corporate actions

2005-09-23 08:58:34

Det er foretatt endringer i Thule Drilling ASA (ISIN:NO0010263056, ticker THUL). Aksjebeholdningen er øket fra 13700000 til 21200000. Emisjonsverdien er øket fra 260300000 til 561800000.

Capital Increase

Company news

2005-09-22 11:33:41

Thule Drilling ASA has today issued 7,500,000 new shares in connection with the private placement on September 13, 2005.

The total number of outstanding shares is now 21,200,000.

The capital increase has been registered at The Register of Business Enterprises (Brønnøysund) today.

THUL - Extraordinary Shareholders Meeting on 13 September 2005

Company news

2005-09-14 09:49:01

An Extraordinary Meeting of Shareholders of Thule Drilling ASA was held on 13 September 2005. All items on the agenda were approved as proposed by the Board of Directors.
Minutes from the meeting are enclosed in an English version.

THULE - Postponement of quotation on Oslo Stock Exchange

Company news

2005-09-14 09:41:21

The quotation of Thule Drilling on Oslo Stock Exchange (“OSE”), planned for 3 October 2005 has now been postponed for one month following a request from the Administration at OSE.

The reason for this request is that Thule Drilling has made substantial investments into a new business area through the acquisition of the two 2nd hand former semi submersible drilling rigs “Golfdrill 7” and “Seascout”. This requires further investigation and clarifications by OSE since this event took place between the application submitted and the completion of the prospectus.

New date for quotation has not been given, but is expected to be early November 2005.

For further information contact: Kai Solberg-Hansen, CEO at +47–67 200 300

Thule Drilling - Meldepliktig Handel / Insider Trading

Company news

2005-09-01 18:37:52

August AS et selskap kontrollert av Henrik A Christensen, styremedlem i Thule Drilling ASA, har den 31 august 2005 kjøpt 31.000 aksjer til kurs 28, og eier etter dette 81.000
aksjer og har 60.000 warrrants.

August AS a company controlled by Mr. Henrik A Christensen has purchasad 31,000 shares at NOK 28 on 31 August 2005, and ownes following thistransaction 81,000 shares, and 60,000 warrants.

THULE – Acquisition of two Semi Submersible Platforms

Company news

2005-08-25 08:55:33

Thule Drilling has entered into a firm agreement to acquire the two former semi submersible drilling rigs “Gulfdrill 7”, (Former Sedco 708) owned by Momentum Engineering, Dubai and the “Seascout” owned by Atwood Oceanic. Both units are banned from being maintained or upgraded to ordinary drilling units by previous owners, However the ban on Gulfdrill 7 expires in 2008.

There are mainly three purposes for which these platforms can be used: accommodation, service platform or tender rig or as floating production unit. Thule Drilling has not yet decided the best use for the platforms, but accommodation is the most likely alternative. However, studies have been carried out by the previous owners for modifying the Seascout into a tender rig.

The price for the two units is USD 27 million in total.

The financing of the acquisition will be done by a private placement of 7 500 000 shares at a price NOK 26.50. The equity offering was placed mainly to institutional and former investors on 23 August 2005. The share issue will be subject to approval by an Extraordinary Shareholders meeting due to be held on 15 September 2005.

Gulfdrill 7:
The rig was built in 1976, is of the Sedco 700 series, a well-proven design that has also operated in the North Sea. The rig was last in operation as a drilling rig in 2002 West Africa by Transocean. The hull is generally in a good condition, and all marine equipment is maintained. This includes: Cranes, main engines with power distribution systems, propellers, anchor winches with anchors and chain and accommodation for 100 persons. The rig is classed with ABS. The rig is presently anchored offshore Dubai, manned with a minimum safety crew. The rig can operate in 2000 ft of water depth.

Seascout:
The rig was built 1974, ABS classed as a semi submersible drilling rig, capable of operating in 2000 ft of water depth. The hull is basically a bare deck, with only limited marine equipment remaining like anchors winches and chains. The rig is presently laid up at Mobile Middle Bay Port, Alabama, USA

For further information, contact Kai Solberg-Hansen, Managing Director, Phone + 47 – 67 200 331

THUL- Kurssensitiv Informasjo

Company news

2005-08-24 09:44:05

Det er forhåndstegnet ny egenkapital i Thule Drilling ASA for investering i ny virksomhet. En mer detaljert melding vil bli sendt i løpet av dagen.

THUL- Share Price Sensitive Information

New equity has been committed in Thule Drilling ASA for investing in new activity. More detailed information will be sent out later today.

Kai Solberg-Hansen
Managing Director

THUL – Updated presentation & OSE application

Company news

2005-08-18 15:39:00

An updated Presentation has been entered to the Thule Drilling ASA Web Page under Investor Relation. The presentation gives a status report on the progress of the reconstruction of the jack-up “Thule Power” and information about the design selected for the optional Jack-up new-buildings at QGM Group.

It should also be noted that on the assumption that the OSE Board approves the application to the Oslo Stock Exchange, the first date for quotation on the Exchange would be 11 October 2005.

For further information contact: Kai Solberg-Hansen on phone + 47-67 200 331.

Thule Drilling Web Page: www.thuledrilling.no

Thule drilling ASA - Insider Trading

Company news

2005-06-30 09:49:39

August AS, a company controlled by Henrik Christensen board member of Thule Drilling ASA, has bought 50.000 shares in Thule at a price of NOK 21 per share. Following this transaction August AS owns 50.000 shares and 60.000 warrants in Thule Drilling ASA.

KSH Consult & Invest, a company controlled by Kai Solberg-Hansen managing director of Thule Drilling ASA, has bought 7.000 shares in Thule at a price of NOK 22 per share. Following this transaction KSH Consult & Invest owns 47.000 shares and 100.000 warrants in Thule Drilling ASA.

For further information contact Kai Solberg-Hansen on phone + 47-67 200 30

Thule Drilling ASA - Meldepliktig handel

Company news

2005-06-14 10:05:46

KSH Consult & Invest AS, et selskap kontrollert av Kai Solberg-Hansen, adm. dir. i Thule Drilling ASA, har kjøpt 10 000 aksjer i Thule til en pris av kr 16 pr aksje. Etter dette har KSH Consult & Invest AS 40 000 aksjer og 100 000 warrants i Thule Drilling ASA.
For nærmere oplysninger kontakt Kai Solberg-Hansen telefon 67 200 300

Thule Drilling ASA - Shareholders letter No 1

Company news

2005-06-09 09:42:58

Progress report Thule Power and Jack Up new-building options at QGM Group.

Meldepliktig handel

Company news

2005-05-20 11:59:48

Det er i dag overdratt 10 000 aksjer i Thule Drilling ASA fra Interrig I, et selskap kontrollert av Tore Berg (teknisk rådgiver) til KSH Consult & Invest AS, et selskap kontrollert av Kai Solberg-Hansen (adm.dir.)til kurs NOK 19 pr aksje. Etter transaksjonen har Interrig I AS 10 000 aksjer, mens KSH Consult & Invest AS har 30 000 aksjer i Thule Drilling.

For nærmere opplysninger kontakt Kaui Solberg-Hansen 67 200 331

THUL- Nytt selskap – Thule Drilling ASA – registrert på OTC listen

Market news

2005-05-12 08:41:51

Det er med virkning fra 11. mai 2005, lagt inn et nytt selskap på OTC-listen; Thule Drilling ASA - ISIN: NO 001 0263056. Selskapet vil bli omsatt under tickerkoden ”THUL”. Emisjonskursen på selskapet er satt til NOK 260.300.000 basert på siste emisjon gjennomført i april 2005 hvor emisjonskursen per aksje var på NOK 19. Selskapet opplyser forøvrig at siste kjente omsetningsverdi per aksje er NOK 18.

Selskapet har inngått avtale om bruk av meldingssystemet og de vil kunne benytte dette fra og med 11. mai 2005.

Thule Drilling ASA driver gjenoppbygging av en oppjekkbar borerigg. Gjenoppbyggingen. Selskapet hentet inn NOK 250 mill i ny egenkapital fra finansielle investorer i april 2005.