Smedvig Wins New Assignments for West Navion

Smedvig has been awarded a letter of intent by ChevronTexaco UK for the assignment of the deepwater drill ship West Navion. The assignment includes drilling of one deepwater exploration well in approximately 1000 meters of water west of Shetland. The estimated contract value is approximately US$ 8 million, and the drilling period is estimated to 45 days, with start-up late March.West Navion

Furthermore, the existing contract for West Navion with Esso Norge AS has been extended by two months. The contract value for the extension period is approximately US$ 10 million. The contract extension, which is a sublet to Statoil, includes drilling of one deepwater exploration well in 1150 meters of water in the Norwegian Sea. This will keep the unit continuously employed for an estimated period from end March to October 2003.


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