West Epsilon Awarded Contract

A letter of intent has been awarded to Smedvig by the Dutch oil company Nederlandse Aardolie Maatschappij (NAM) for the jackup, West Epsilon.

The contract includes development drilling offshore Holland, and the drilling period is estimated to six months. The contract value is approximately US$ 19 million.

West Epsilon will be moved to Holland after completion of the current drilling contract for TotalFinaElf and a four week reconversion period. Commencement of operations is scheduled for the first week of December this year.