Smedvig has informed Keppel FELS in Singapore of its intention to exercise the Company's option to purchase the shipyard's 72 percent ownership interest in the semisubmersible tender rig West Setia, which is under construction.
The agreed purchase price for the shipyards ownership interests is approximately US$ 65 million. The intention is to exercise the option at delivery currently scheduled for August 2005. The acquisition will increase Smedvig's ownership interest in the unit to 100 percent corresponding to a total capital expenditure for the unit of approximately US$ 94 million. West Setia is expected to commence operations for Brunei Shell subsequent to delivery.
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