Smedvig Secures New Tender Rig Contract in Thailand

Smedvig has been awarded a letter of intent by the state oil company in Thailand, PTT Exploration and Production Company, for the self-erecting tender rig T-3. The production drilling assignment has a firm duration of approximately 17 months, with options for an additional six months. Commencement of operations is scheduled for May 2005, and the contract value is estimated at US$ 20 million.
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