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Maersk Contractors Established in 1972 as Maersk Drilling, we are today one of the leaders in our industry. Drilling and floating production are our main services, but we also offer LNG transportation and protection against H2S. Maersk Contractors employs an international staff of more than 5,500 well-trained people together with our affiliate, Egyptian Drilling Company bv. A reliable business partner At Maersk Contractors we take our responsibility seriously. When we take on an assignment, we are committed to delivering the promised results. This is among other things reflected in our high operational reliability, our excellent safety performance and our commitment to protect the environment. Operational reliability When, half a century ago, Mr A.P. Moller stated "No loss should hit us which can be avoided with constant care", he was expressing one of the key principles which guide the world-wide organisation that he founded. In conformity with this principle, Maersk Contractors emphasises predictability through planning and procedures put into practice in our extensive General Management System. Maersk Contractors' performance demonstrates the ability to prevent downtime and manage the unexpected better than the industry average. Our well-educated staff solves problems on the spot and our in-house engineering department currently develops innovative solutions to make the operation even more efficient. Safety Our sense of responsibility is also reflected in our safety culture which is deeply imbedded in Maersk Contractors and is supported by everyone from management to new trainees. The result of our commitment to reduce risks and work safely is demonstrated in our accident frequency that has been well under the industry average for years. Environment Maersk Contractors is committed to its duty to protect the environment. Each community has its own particular environmental concerns and requirements. All of these are of course part of the foundation on which we build, but even so we always strive to set our environmental standards higher than required. Maersk Contractors' large fleet of drilling rigs works all over the world. As one of the leading drilling contractors in the North Sea, our range of equipment includes some of the world's most advanced harsh environment jack-up rigs. These rigs are highly mechanised and automated, resulting in increased drilling efficiency and avoidance of dangerous work situations. Two identical new units have been ordered from Hyundai Heavy Industries in Korea. The first of these units, the M?RSK INNOVATOR, was delivered on 7 January 2003. The M?RSK INNOVATOR is the largest and most advanced harsh environment jack-up rig in the world. Maersk Contractors has operated 300 ft jack-up drilling rigs in South-east Asia, Australia, the Mediterranean and the Gulf of Mexico, as well as the Middle East, where we continue to have a strong presence. We are also one of the leading drilling contractors in Venezuela, with drilling barges and workover barges. We are experienced in high pressure/high temperature drilling as well as in technical limit drilling, and our skills in well engineering, integrated drilling services and underbalanced drilling have been put to good use in demanding North Sea projects. Maersk Contractors is also represented in the Caspian Sea with a newbuilt semi-submersible. Egyptian Drilling Company, which is a joint venture between Maersk Contractors and the Egyptian General Petroleum Corporation, owns and operates land rigs and jack-ups rigs in the Middle East. Maersk Contractors supplies total solutions for offshore oil and gas field developments based on lease of the following mobile production systems: o FPSO (Floating Production, Storage and Offloading) units o FSO (Floating Storage and Offloading) units o Jack-up based production units Maersk Contractors owns and operates the units. In this way customers obtain a number of benefits, including reduced initial investment costs and outsourcing of major risk elements such as cost and schedule overruns during construction, commissioning and operation. Other important benefits encompass a strong focus on lifecycle costs and seamless integration between construction and operation phases. We have the management and technical skills to develop, build, install and operate mobile production systems that are tailor-made to match the needs of the field concerned. These systems are characterised by high quality and reliability and can be offered on a fixed dayrate basis. Our core competencies are demonstrated through the following projects: Harsh environment FPSOs We operate two purpose-built, harsh environment floating production, storage and offloading vessels, MAERSK CURLEW and NORTH SEA PRODUCER, in the British sector of the North Sea. We have been awarded the management contract for the construction as well as the operation of the FPSO at Husky Energy's White Rose field off the coast of Newfoundland. The unit is presently under construction. Gas storage unit Maersk Contractors also supplies efficient exploitation of associated gas by operating the floating gas storage and offloading With the order for a 138,200 m3 Liquefied Natural Gas (LNG) vessel newbuilding placed in June 2001 Maersk Contractors entered the LNG transportation market. Maersk Contractors' newbuilding vessel is currently under construction at Samsung Heavy Industries in Korea and scheduled for delivery in 2004. Upon delivery a 25-year time charter with a Middle East producer will commence. Maersk Contractors is continuously looking into possibilities for expanding the LNG activities by entering charters for additional newbuildings including shorter-term contracts, possibly as short as seven years. Maersk Contractors has operated 300 ft jack-up drilling rigs in South-east Asia, Australia, the Mediterranean and the Gulf of Mexico. Maersk Jupiter Drilling Corporation S.A. - Dubai Branch