Smedvig Reports Preliminary Results for 2005

Smedvig reports preliminary operating profit for 2005 of NOK 1,272 million as compared to NOK 624 million in the previous year. The increase reflects improved contributions from all divisions as well as the partial reversal of previous write-down of the book value for the drillship West Navigator. Operating profit for the fourth quarter amounted to NOK 535 million as compared to NOK 194 million in the previous quarter.

Net financial income for the year was NOK 81 million as compared to an expense of NOK 90 million in the previous year. The increase primarily reflects the gain of approximately NOK 350 million from the sale of the Company's ownership share in Roxar AS. For the fourth quarter, net financial income amounted to NOK 248 million as compared to an expense of NOK 38 in the previous quarter.

The income tax was NOK 808 million as compared to NOK 164 million in the previous year. The increase reflects the exit from the Norwegian Tonnage Tax system and the transfer of ownership of the tender rigs to a none-Norwegian domicile.

Consolidated net income for the year was NOK 545 million as compared to NOK 370 million in 2004. Net income for the fourth quarter was NOK 43 million as compared to NOK 114 million for the previous quarter.

Earnings per share was NOK 6.86 in 2005 as compared to earnings per share of NOK 4.60 in 2004.

Operating profit for Mobile Units in 2005 amounted to NOK 732 million as compared to NOK 291 million in 2004. The increase was partially due to the reversal of the previous write-down of the book value for the drillship West Navigator and increased dayrates and utilization for the drilling units. The utilization rate for the mobile units averaged 96 percent in 2005 as compared to 89 percent in 2004. For the fourth quarter, the operating profit was NOK 381 million as compared to NOK 55 million in the previous quarter.

Operating profit for Tender Rigs amounted to NOK 333 million as compared to NOK 245 million in 2004. The increase was primarily due to a new unit coming into operations as well as higher dayrates on new contracts. The utilization rate for the tender rig fleet averaged 95 percent in 2005 as compared to 89 percent in 2004. For the fourth quarter, operating profit amounted to NOK 94 million as compared to NOK 96 million in the previous quarter.

Operating profit for Well Services amounted to NOK 151 million as compared to NOK 88 million in 2004. The substantial improvement was mainly due to increased activities within the platform drilling and wireline operations. For the fourth quarter, operating profit amounted to NOK 59 million as compared to NOK 43 million in the previous quarter.

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