Virdrill AS - a drilling technology company set for significant growth following a recent strengthening of its team after receiving substantial financial backing from Energy Ventures.

The new Norwegian based drilling technology company Virdrill AS announced today that it has taken onboard a 6,5 MUSD funding from Energy Ventures. This funding shall enable Virdrill to aggressively pursue growth in the world wide markets for cuttings and drilling fluids treatment equipment.

Virdrill also announced today that Mr.Magne Sveen (former head of Schlumberger Norway) has agreed to take up position as chairman of the board.

Virdrill AS, based in Sandnes, Norway is a technology company with special competence related to fluid and waste handling. Virdrill provides solutions towards the oil & gas marked with special focus towards drilling technology.

"Virdrill aims to provide patented new solutions to the market which will give the clients significant added value towards drilling operations and also make a step change related to HSE. The MudCube systems have benefits which can contribute to increased ROP (Rate Of Penetration in drilling operations) and also substantial improved fluid control. This means reduced loss of fluid during fluid handling. The MudCube system will also contribute to highly improved HSE conditions. We are also especially pleased that Virdrill has attracted professional industry venture capital" said Rolf Thorkildsen, Managing director of Virdrill.

Einar Gamman, Partner of Energy Ventures, commented "In our investments we seek companies that has technologies and solutions that are game changing and geared for future growth. In Virdrill we found a team of founders that has the ability of unconventional and practical thinking. This has resulted in the development and commercialisation of amongst other things the MudCube technology. This is a technology that not only provides its end user with significant economic benefits and improved drilling processes, but also yields significant benefits in HSE related to drilling fluids. Together with the founders, Jan Kristian Vasshus and Trond Melhus we are pleased to see that Virdrill has attracted profiled individuals to join the team in order to enable the anticipated significant international growth Virdrill is set out to deliver."

Virdrill is currently involved in several projects in the Norwegian market related to upgrading existing facilities with its ground breaking cuttings treatment technology. The MudCube system is expected to be installed on the first offshore drilling rig later this year.

Further enquiries:

Virdrill AS
Rolf Thorkildsen
+47 91 53 49 44
www.cubility.com

Energy Ventures
Einar Gamman
+47 91 63 71 05

Energy Ventures is a capital group based in Stavanger, Norway focusing on growth technology companies in the energy sector. More information can be found on www.energyventures.no