Smedvig Secures Two New Deepwater Drilling Contracts for West Navion

A letter of intent for an exploration drilling contract has been issued to Smedvig by Conoco (U.K.) Limited for the assignment of the deepwater drillship West Navion. The intended contract includes drilling of two wells in 3,280 and 6,300 feet of water west of Shetland and Scotland, and the estimated contract value is approximately $25 to $33 million USD. The contract includes incentive schemes for dual drilling operations. The estimated drilling period is 120 to 160 days, and start-up of operations is scheduled for the second quarter 2001. Drilling in a water depth of 6,300 feet is the deepest ever in European waters.

A letter of award for an exploration drilling contract has been issued to Smedvig by Enterprise Energy Ireland Ltd for the assignment of West Navion. The contract includes drilling of one well in 5,250 feet of water west of Ireland, on the Errigal prospect. The estimated contract value is approximately $12 million USD. Estimated drilling period is approximately 60 days.

Dependent on the completion of the drilling assignment for Bapetco in the Mediterranean, estimated start-up of drilling operations is scheduled for sometime between March and August 2001.

Both letters of intent are subject to agreement on final contractual terms and conditions.

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