Cobalt has executed a Rig Assignment Agreement with Anadarko providing for the assignment to Cobalt of Diamond Offshore's Ocean Monarch semisub.

Cobalt plans to use the rig to drill its North Platte #1 exploratory well. Cobalt expects Anadarko to make the rig available to Cobalt on or about May 1, 2010, depending upon when the current assignee of the rig concludes its designated drilling operations. Cobalt also has an option to use Ocean Monarch to drill a second well.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.