Smedvig Secures Contract Extension for Tender Rigs

Smedvig has been awarded a letter of intent with Petronas Carigali and Esso Production Malaysia Inc. to extend the production drilling contract for the self-erecting tender rigs T-6 and T-9, respectively. The contract extensions for both rigs have duration of one year, from January 2005. The estimated contract values are approximately US$ 15 million and US$ 19 million for T-6 and T-9, respectively. T-6 and T-9 are currently operating offshore Malaysia, and the contract extensions are in direct continuation of present operations. The contract extensions are subject to approval from Petronas.
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