The Polar Pioneer rig will carry out the work, which is due to start in the autumn of 2004.
The work should be finished in the spring of 2006, reports Thor Bensvik, manager for drilling and well operations for Sn°hvit.
"Following a full round of tenders, we concluded that the Polar Pioneer rig was best suited for this job, and that Transocean had the best commercial bid," says Mr. Bensvik.
The letter of intent has been signed subject to the approval of the partners in the Sn°hvit license.
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