Smedvig Secures Contract for West Navion

A letter of intent has been awarded to Smedvig by Enterprise Energy Ireland Limited for the assignment of the deepwater drill ship West Navion.

The contract is for drilling of one deepwater exploration well in 4,600 feet of water west of Ireland. The estimated contract value is approximately US $9 million. The drilling period is estimated to be approximately 42 days. Start-up of operations is scheduled in the period from the beginning of March to mid August 2002. The letter of intent is subject to agreement on final contractual terms and conditions.