Date: 16 January 2009

Ability Drilling enters into joint venture based in Panama

Ability Drilling has entered into a  joint venture with MIPPSA de  CV
("MIPPSA"), a  company registrered  in  Mexico, and  Energy  Services
Corporation Ltd. ("ESC"), a Panama registered company. The purpose of
the joint venture is to own, lease out and perform maintenance on the
150 T rigs.   Each of the  three parties  will own 1/3  of the  joint
venture,  which  will  be  registered  in  Panama.  As  part  of  the
agreement, the joint venture  has committed to buy  three 150 T  rigs
from Ability  Drilling and  has also  secured an  option for  another
three 150 T rigs  from Ability Drilling. The  first two rigs will  be
employed in Mexico, on three year contracts with client Pemex.

The 150 T rigs will be applied as drilling rigs. The three rigs to be
purchased from Ability  Drilling are  the Ultra  Light Drilling  Rig,
Workover rig 1  (which has  been constructed, but  will be  converted
into a drilling rig) and Workover rig 2 (which is under  construction
and will be converted into a drilling rig later).

The  joint  venture  has  submitted  an  application  for  long  term
financing of the planned purchases through export guarantees from EDC
(Canada). While this application is being processed, Ability Drilling
will lease the Ultra Light Drilling Rig to MIPPSA at market rates.

The joint venture  will work  actively to win  further contracts  and
expand the business. There is a significant demand for 150 T drilling
rigs in both Mexico and in the US.

Hans Petter Eikeland, CEO in Ability Drilling, commented: "This joint
venture agreement allows us to lift the first three 150 T rigs out of
our balance  sheet. This  will reduce  our funding  requirements  and
financial expenses. At the same time the rigs are secured  employment
through the joint venture and we will get the benefit from  immediate
cash flow".

For further information, please contact:

CEO Hans Petter Eikeland, phone +47 56 32 43 43, or +47 93 20 81 77

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 so  far ordered 11 rigs,  of which 9 land  rigs,
one 150 T workover  rig and one  150 T Ultra  Light Drilling Rig.  In
addition, the company has options with construction partner TTS Sense
for 33 additional land rigs and 40 additional workover rigs.

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


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