Smedvig Secures New Contracts for West Navigator

Smedvig has been awarded two letters of intent by Chevron Texaco and ADTI (on behalf of Amerada Hess) for the deepwater drillship West Navigator. The assignments cover drilling of two exploration wells west of Shetland with duration of approximately 70 days and an estimated contract value of US$ 15 million.

Commencement is scheduled for May 2004 in direct continuation of the Norsk Hydro/Statoil contract. The drillship will thereafter continue to Mauritania in West Africa for the scheduled drilling campaign for Woodside.