Yantai Raffles Seals Third Order for a Semi-Submersible Rig with Awilco Offshore

Singapore headquartered Yantai Raffles Shipyard Limited (“YRS”), following an option exercised, has signed a new contract to build a third semi-submersible rig for Norwegian firm Awilco Offshore Semi ASA (“Awilco Offshore”). The GM4000-D rig is a semi-submersible unit with a dynamic positioning system, accommodation unit and ballasting system designed to support duties such as intervention and drilling. Dubbed the WilPromoter, the vessel will be deployed to operate in the North Sea and Norwegian Sea upon completion. The rig is the third to be built for Awilco Offshore, who currently has two other semi-submersible rigs under construction at the Yantai shipyard. Two of the rigs have been awarded long term drilling contracts by Norsk Hydro Produksjon AS. Mr Brian Chang, YRS Chairman said, “We are very pleased with the trust and confidence that Awilco Offshore has placed in us. We will continue to deliver the best to our clients in a manner that is both efficient and timely. We believe that this is just the beginning of a very exciting year as we foresee bigger and newer orders ahead.” • About Awilco Offshore ASA Awilco Offshore ASA is a Norwegian public limited liability company. Awilco Offshore has invested in eight jack-up drilling rigs (of which six are under construction), three semi submersible drilling rigs under construction and two accommodation units in operation. The company also holds one option for the construction of one further semi submersible drilling rig. • About Yantai Raffles Shipyard Limited Listed on the Oslo OTC Stock Exchange in Norway with its headquarters in Singapore, Yantai Raffles Shipyard ("YRS") specializes in the construction of various marine and offshore projects that include jack-up drilling rigs, semi-submersible drilling rigs, FPSOs, platform supply vessels, luxury yachts and other units. The 72-hectare shipyard boasts state-of-the-art building facilities, including a large gantry crane with lifting capacity of 20,000 metric tons due for completion in 2007, and employs the latest technologies to achieve operational efficiencies and lower costs. With its core mission of attaining excellent quality, competitive pricing and client satisfaction, YRS remains committed to be The Yard Of Choice. Contact Information: Wynnie Chang Investor Relations Telephone: (65) 6735 9328 Fax : (65) 6734 5449 Email : [email protected] Please visit us at http://www.yantai-raffles.com