Smedvig to Supervise Construction of SeaDrill Newbuild Units

Smedvig has entered into an agreement with SeaDrill Limited for construction supervision and marketing of four semisubmersible drilling units currently under construction in Singapore and South Korea.

The two units that are being built in Singapore at the Jurong Shipyard are deepwater semisubmersible drilling units for benign waters designed to operate in water depths up to approximately 2,500 meters. The two units that are being built at the Daewoo Shipbuilding & Marine Engineering in South Korea are ultra deepwater semisubmersible drilling units tailor-made for harsh environment and designed to operate in water depths up to approximately 3,000 meters. All four units are equipped with dynamic positioning systems.

It is the intension that the agreement over time also will include operation of the units, following delivery from the yard in 2008.

The management agreement is at a later stage likely to include two drillships to be built by the current SeaDrill subsidiary Mosvold Drilling Ltd.

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