Smedvig Preliminary Results 2004

Smedvig reports preliminary consolidated operating profit for 2004 of NOK 414 million as compared to NOK 530 million in the previous year. The decrease is mainly attributable to reduced utilization of the Company's fleet of drilling units as well as a lower US dollar Norwegian kroner exchange rate. Operating profit for the fourth quarter amounted to NOK 91 million as compared to NOK 133 million in the previous quarter.

Net financial expenses for the year were NOK 90 million as compared to NOK 38 million in the previous year. The increase primarily reflects lower net currency gains on balance sheet items denominated in US dollars. For the fourth quarter, net financial expenses amounted to NOK 23 million.

Consolidated net income for the year was NOK 451 million as compared to a net loss of NOK 88 million in 2003. While the 2003 result was negatively impacted by the outcome of the Balder litigation, the 2004 result was positively impacted by the partial reversal of the previous write-down of the drillship West Navigator. Net income for the fourth quarter was NOK 28 million as compared to net income of NOK 300 million for the previous quarter.

Earnings per share were NOK 5.60 in 2004 as compared to a loss per share of NOK 0.71 in 2003.

The proposed dividend per share is NOK 1.50 for 2004, up from NOK 1.25 in 2003.

Operating profit for Mobile Units amounted to NOK 89 million as compared to NOK 129 million in 2003. The decrease was mainly affected by the lower average NOK/US$ exchange rate and the fact that the 2003 results were positively impacted by the management of one more unit. The utilization rate for the mobile units averaged 89 percent in 2004 in line with 2003. For the fourth quarter, the operating profit was NOK 3 million as compared to NOK 48 million in the previous quarter.

Operating profit for Tender Rigs amounted to NOK 233 million as compared to NOK 326 million in 2003. The reduction was primarily due to lower utilization rate for the tender rig fleet, averaging 89 percent as compared to 94 percent in 2003. For the fourth quarter, operating profit amounted to NOK 55 million as compared to NOK 68 million in the previous quarter.

Operating profit for Well Services amounted to NOK 92 million as compared to NOK 88 million in 2003. The improvement was mainly due to the start-up of platform drilling operations on the UK continental shelf. For the fourth quarter, operating profit amounted to NOK 33 million as compared to NOK 17 million in the previous quarter.

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