Yantai Raffles Shipyard Limited signs first Jack-up Drilling Rig with ...

Yantai Raffles Shipyard Limited signs first Jack-up
Drilling Rig with Uni-Arab Group Holdings
Singapore, 4 December 2006 – Yantai Raffles Shipyard Limited ('YRS")
headquartered in Singapore, announces that it has sealed a building contract for
a Jack-Up drilling rig worth approximately USD135 million including owner
furnished equipment costs. This is for the construction of a new Friede and
Goldman (F&G) Super M2 Jack-up design. In its first transaction with Uni-Arab
Group Holdings, YRS looks forward to a string of orders for Jack-ups in the near
future. The Rig will be built in its Shipyard in Yantai, Shandong, China.
The Super M2 Jack-up Drilling Rig is a proprietary design by (“F&G”). It is
designed for operating in up to 300 feet water depths and drilling depth of 20,000
feet. It also has accommodation facilities for 110 men. The construction of the
Super M2 is expected to commence in the first quarter of 2008 and scheduled for
delivery in early 2009.
This new contract signifies a major breakthrough for the Group into Jack-up
Drilling Rigs and has boost its order book to US$ 1.44 billion.
Executive Chairman of YRS, Mr Brian Chang says, "Working with Uni-Arab
Group Holdings is indeed an exciting opportunity for YRS. Our years of
perseverance have helped us to keep improving and penetrating new global
markets. We are confident that this will pave the way for future collaborations
between both parties."

Yantai Raffles Shipyard Limited has been successful in contracting 30% of all the
Semi-submersible Drilling Rigs signed in recent months. It now has 5
Submersible Drilling Rigs, one Semi-submersible Decommissioning Rig and one
Drilling Production Semi-submersible under contract.
The offshore Oil & Gas sector continues to look buoyant with crude oil prices
hovering around the US$60 level. According to analysts’ estimates, rig utilisation
is almost at 100% worldwide. The need for new Jack-ups at the right price will be
required for a few more years.
About Yantai Raffles Shipyard Limited
Listed on the Oslo OTC Stock Exchange in Norway in May 2006,Singaporebased
YRS specializes in Jack-up drilling rigs, semi-submersible drilling rigs,
FPSO, offshore vessels and other units. The shipyard boasts state-of-the-art
building facilities, which includes a 20,000MT gantry crane that is due for
completion in mid 2007. With its core mission surrounding excellent quality,
competitive pricing and client satisfaction, YRS continues to strive to be the Yard
of Choice.
For more information, please see: www.yantai-raffles.com or email ir@yantairaffles.com
About Uni-Arab Group Holdings
Uni-Arab Group Holdings is based in Abu Dhabi, United Arab Emirates and has
been, for the past 30 years, a pioneer in oilfield services in the Arabian Gulf and
Africa. It specializes in well intervention services such as Coiled Tubing &
Stimulation Services, Well Testing and other services related to the upstream

industry. In addition, the company also provides the supply of Management to
Drilling Operations as well as Offshore Drilling Maintenance and upgrading of
aged offshore drilling rigs in the region.
Key Management are a mix of graduated Petroleum Engineers with extensive
experience in Oil & Gas Engineering, Services and Supplies, Operations,
Finances and Administration, and have been with the Group since inception.
For more information, please see: www.uniarab.ae/
About Friede and Goldman
Friede & Goldman, LLC is a leading international mobile offshore drilling unit
design company celebrating 2006 as their 60 th year in business. The Company
specializes in conceptual design of Jack-up and Semi-submersible design. F&G
also provides Production and vessel designs as well as contract engineering
services to the petroleum industry.
For more information, please see: www.fng.com