Ability Drilling - Third quarter 2008

Ability Drilling achieved above 95% utilization on land rig nr 1 in
September.  "This is an operational milestone after a challenging
start up," says CEO Hans Petter Eikeland. Furthermore, Ability
Drilling was awarded a contract for drilling of wells for gas storage
caverns by Scottish and Southern Energy in August. This means that
the company now has been awarded contracts in all three core markets;
oil drilling, geothermal drilling and gas cavern drilling.

Operational and contract success has been subdued by delivery delays
by rig manufacturer, resulting in a revised delivery schedule for the
remaining rigs. Ability Drilling are negotiating with TTS Sense to
postpone the delivery for rig 5-9 by 12 months. As part of the
agreement, Ability Drilling will obtain the necessary flexibility
with respect to rig 5-9. "We must now adapt to a slower roll out of
our business plan, and will accordingly lower operational and
financial risk going forward," Mr. Eikeland comments.

Mr. Eikeland also points to the fact that Land rig nr 2 currently is
being transported to the Netherlands for a complete rig spread test
before commencement.

Ability Drilling expects its core markets to remain strong long term,
with a possible adjustment short term due to effects of the recent
financial turmoil. "However, we are building a positive track record
in the markets and are confident that our concept will succeed. In
compliance with the short term situation, we have adjusted roll out
plans, are reducing costs and risk profile to secure our operational
and financial strength," the CEO sums up.


For further information, please contact:

CEO Hans Petter Eikeland, phone +47 56 32 43 43 , or +47 93 20 81 77
CFO Kenneth Tunes, phone+47 56 32 43 43 , or +47 91 54 49 01

About Ability Drilling:
About Ability Drilling ASA: Ability Drilling aims to become the
preferred operator and provider of Rack & Pinion (R&P) rigs in its
defined core markets, by combining fourth generation drilling
technology with outstanding drilling experience from offshore North
Sea exploration and production activities.

The Company currently targets onshore oil operations in the MENA
(Middle East North Africa) market, the geothermal market in Europe,
as well as the market for drilling of LNG reservoirs. Both the land
rig market in MENA and the geothermal segment in Europe are markets
with strong growth and significant potential, while the market for
drilling of LNG reservoirs is an emerging growth segment. Ability
Drilling targets extension of the geographical footprint within all
current focus areas.

Ability Drilling has already ordered 11 rigs, of which 7 rigs are
still under construction. In addition, the company has options for 33
additional land rigs and 40 additional work over rigs.

Ability Drilling is listed on Oslo Axess, with ticker ADRL.


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