Smedvig Wins Two North Sea Contracts

Norsk Hydro has extended the production drilling contract for the semisub West Vanguard. The contract includes drilling of one well on the Troll field on the Norwegian continental shelf, with an option for additional work on two wells. The estimated contract value for the firm part of the contract is approximately US$ 8 million. The drilling period is estimated to approximately 80 days. The contract extension is scheduled to start in direct continuation of the current contract period.

A letter of intent has been awarded to Smedvig by Esso Norge AS for the assignment of the deepwater drill ship West Navion. The contract includes drilling of one deepwater exploration well in 1350 meters of water in the Norwegian Sea, with an option for a second well. The estimated contract value for the firm part of the contract is approximately US$ 18 million. The drilling period is estimated to approximately three months. Start-up of operations is scheduled in the second quarter 2003.

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