Smedvig Reports Increased Operating Profit for Second Quarter 2005

Smedvig reported consolidated operating profit for the second quarter of NOK 474 million as compared to NOK 69 million in the previous quarter. The increase primarily reflects improved contributions from all divisions as well as income of NOK 55 million from final warranty insurance settlement related to the Balder FPU and the reversal of a previous write-down of the book value of NOK 242 million for the drillship West Navigator. Operating profit for the first half year was NOK 543 million as compared to NOK 197 million for the same period in 2004.

Net financial expenses for the second quarter was NOK 76 million as compared to NOK 53 million in the previous quarter. The increase was mainly caused by loss on interest rate swap agreements.

Net income for the second quarter was NOK 383 million as compared to net income of NOK 5 million in the first quarter. Net income for the first half year was NOK 388 million.

Earnings per share were NOK 4.81 for the second quarter as compared to NOK 0.06 for the first quarter.

Operating profit from the Mobile Units amounted to NOK 305 million as compared to an operating loss of NOK 9 million in the previous quarter. The improvement was mainly attributable to increased utilization for the mobile units during the quarter as well as the reversal of the previous write-down for West Navigator. The utilization rate for the mobile units during the quarter was approximately 100 percent as compared to 90 percent in the preceding quarter.

Operating profit from the Tender Rigs amounted to NOK 82 million as compared to NOK 61 million in the previous quarter. The increase was due to increased utilization of the tender rig fleet, reaching approximately 100 percent as compared to 94 percent in the previous quarter.

Operating profit from Well Services amounted to NOK 32 million as compared to NOK 17 million in first quarter. The increase was mainly due to increased platform drilling activity on both UK and Norwegian continental shelves.

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