Smedvig Reports Third Quarter 2005 Results

Smedvig reported consolidated operating profit for the third quarter of NOK 194 million, as compared to NOK 474 million in the previous quarter. The second quarter was positively affected by the reversal of the previous write-down of the drillship West Navigator.

Net financial expenses for the third quarter was NOK 38 million, as compared to NOK 76 million in the previous quarter. The decrease is mainly due to gains on currency forward contracts and interest rate swap agreements, as opposed to losses in the second quarter.

Net income for the third quarter was NOK 114 million, as compared to a net income of NOK 383 million in the second quarter.

Earnings per share were NOK 1.44 for the third quarter, as compared to NOK 4.81 for the second quarter.

Operating profit from the Mobile Units amounted to NOK 55 million, as compared to NOK 305 million in the previous quarter, which included a reversal of NOK 242 million of the write-down for West Navigator. The utilization rate for the mobile units was approximately 100 percent, in line with the preceding quarter.

Operating profit from the Tender Rigs amounted to NOK 96 million, as compared to NOK 82 million in the previous quarter. The increase mainly reflects the start-up of operations for the new semi-tender West Setia. The utilization rate averaged 98 percent, as compared to 100 percent in the previous quarter.

Operating profit from Well Services yielded NOK 43 million, as compared to NOK 32 million in the second quarter, due to improved margins for selected well services operations.

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