Smedvig Secures New Contract for West Navigator

Smedvig has been awarded a letter of intent by Norsk Hydro/Statoil for the assignment of the deepwater drillship West Navigator. The contract value is estimated to US$ 13 million, including mobilization fees.

The new assignment includes drilling of two exploration wells, Alve and Linerle, in the Norwegian Sea, and commencement is scheduled for March 15, 2004. The drilling period is estimated to a total of 65 days, which will keep the unit employed until May 2004.

"In an improved market, Smedvig has during the last six weeks secured drilling contracts for more than NOK 2 billion (US$ 287 millon)", says CEO Kjell E Jacobsen in Smedvig asa.