West Setia Awarded LOI from Shell

Smedvig has been awarded a letter of intent by Shell in Brunei for the new self-erecting semi-tender rig West Setia. The production drilling assignment has a firm duration of six months, with option for another six months. The contract value is estimated to US$ 12.3 million. Commencement of operations is scheduled for August 2005, following delivery from the yard Keppel FELS.

West Setia is presently under construction, scheduled to be delivered in August 2005. The new semi-tender is based on a similar but improved design and specification as Smedvig's West Alliance. West Setia is designed for both shallow and deepwater drilling operations in combination with dry well wellhead platforms.

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