ConocoPhillips Terminates LOI for Smedvig T-3 Tender

The letter of intent between Smedvig and ConocoPhillips for the self-erecting tender rig T-3 has been terminated due to a disagreement concerning operational liability terms. The initial letter of intent with ConocoPhillips had a duration of approximately 60 days and an estimated contract value of US$ 4.5 million. T-3 is currently available for new employment.