Smedvig Secures New Contract for West Navigator

Smedvig has been awarded a letter of intent by Woodside for the assignment of the deepwater drillship West Navigator offshore West Africa. The contract value is estimated to US$ 80 million and includes an incentive arrangement.

The new assignment includes drilling of 11 production wells as well as several exploration wells offshore Mauritania, and commencement is scheduled for June 2004. The drilling period is estimated to 380 days, which will keep the unit employed until July 2005.

Smedvig has previously operated for Woodside offshore Mauritania, drilling three wells on the Chinguetti field in 2003.

"The contract was awarded based on previous record-breaking performance in Mauritania", says CEO Kjell E Jacobsen in Smedvig asa.