History

Thule Drilling ASA was incorporated as a private limited liability company on 7 February 2005, and converted into a public limited liability company on 15 April the same year. The Company’s purpose is to build and operate rigs, primarily through the reconstruction of the jackup drilling rig “Thule Power” and the building of the newbuilding jack-up rigs “Thule Energy” and “Thule Force”.

In the spring of 2005, the Company bought the capsized jackup rig “Arabdrill 19”, renamed “Thule Power” and entered into a reconstruction agreement with the QGM yard in Sharjah, United Arab Emirates.

In August 2005, Thule Drilling acquired two semi-submersible hulls being renamed “Thule Challenge” and “Thule Phoenix”. “Thule Challenge” was sold in February 2006 while “Thule Phoenix” is still owned by the Company.

In January 2006, the Company ordered two newbuilding jackups from QGM. The two rigs are of the “Friede & Goldman Super M2” design for operations at 300 feet water depth and with 30 000 feet drilling capacity.

In July 2007, the QGM yard closed its gates following a financial dispute between Thule and QGM. The dispute versed in the legal system for almost a year and a half, but ended in Thule Drilling’s favor. Thule Drilling is now the owner of QGM, but the conflict has caused considerable delay and cost to Thule’s rig projects.

Due to the financial dispute, Thule also defaulted under the loan agreements towards the end of 2008. However, in December 2008, Thule sold its assets to Royal Oyster Group of Dubai with settlement over two years. Payments are still pending, awaiting a solution with the bondholders.

On 22 June 2009, Thule's corporate form was changed from a public limited company (ASA) to a limited liability company (AS). The Company's name is Thule Drilling AS.