Smedvig Sees Increased Operating Results for 3Q03

Smedvig reported consolidated operating profit for the third quarter of NOK 176 million, as compared to NOK 145 million in the previous quarter. The improvement reflects increased dayrates and utilization of the drilling units.

Net financial items for the third quarter was an income of NOK 9 million, as compared to an expense of NOK 4 million in the preceding quarter. The improvement was mainly due to lower interest expenses.

Net income for the third quarter was NOK 137 million, as compared to a net loss of NOK 489 million in the second quarter.

Operating profit from the Mobile Units amounted to NOK 69 million, as compared to an operating profit of NOK 49 million in the previous quarter. The increase was mainly attributable to higher utilization and dayrates for West Navigator and West Alpha. The utilization rate for the mobile units during the quarter averaged 100 percent, as compared to 92 percent in the preceding quarter.

Operating profit from the Tender Rigs amounted to NOK 91 million, as compared to NOK 76 million in the previous quarter. The increase reflects higher utilization for the tender rig units averaging 100 percent, as compared to 98 percent in the previous quarter.

Operating profit from Platform Drilling amounted to NOK 22 million, as compared to NOK 24 million in the second quarter. The moderate decrease was mainly due to some lower activity level within well services.
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