Smedvig Increases Profit in 2Q04

Smedvig reported consolidated operating profit for the second quarter of NOK 129 million as compared to NOK 61 million in the previous quarter. The increase primarily reflects the increased utilization of the drilling units. Operating profit for the first half year was NOK 190 million as compared to NOK 204 million for the same period in 2003. This was due to somewhat lower contribution from the tender rigs.

Net income for the second quarter was NOK 112 million as compared to net income of NOK 11 million in the first quarter. Net income for the first half year was NOK 123 million.

Operating profit from the Mobile Units amounted to NOK 49 million as compared to an operating loss of NOK 11 million in the previous quarter. The improvement was mainly attributable to higher utilization for West Navigator. The utilization rate for the mobile units during the quarter averaged approximately 93 percent as compared to 74 percent in the preceding quarter.

Operating profit from the Tender Rigs amounted to NOK 65 million as compared to NOK 45 million in the previous quarter. The increase reflects commencement of operations for T-8 in West Africa. The utilization rate for the tender rigs during the quarter averaged approximately 93 percent as compared to 87 percent in the previous quarter.

Operating profit from Well Services amounted to NOK 15 million as compared to NOK 27 million in first quarter. The decrease was mainly due to reduced drilling activity on the Statfjord platforms as well as the Ula/Valhall platforms.
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