West Navion Receives Contract from Amerada Hess

A letter of intent has been awarded to Smedvig by Amerada Hess Limited in UK for the assignment of the deepwater drillship West Navion.

The contract includes drilling of two deepwater exploration wells in up to 3900 feet of water west of Shetland, with an option for a third well. The estimated contract value for the firm part of the contract is approximately US$ 27 million. The drilling period is estimated to take approximately four months. Start-up of operations is scheduled for the second quarter of 2002.

The letter of intent is subject to agreement on final contractual terms and conditions as well as partner approval.

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