Norwegian oil services company Thule Drilling ASA said its jack-up drilling rig Thule Power has received a $222 million four-year contract with Saudi Aramco.

The contract value includes mobilisation, and Saudi Aramco has an option to extend the contract for one additional year at approximately the same terms.
The contractual commencement date is January 31, 2007. Thule Drilling will incur an additional $6 million to $7 million cost to modify and improve the rig specification to the Saudi Aramco requirements.
The total project cost for Thule Power including finance cost, fees and administration up to commencement in a ready to drill mode including Saudi Aramco required modifications, will be about $99 million.