Smedvig Secures New Contract for T-3 in Thailand

Smedvig has been awarded a letter of intent by Unocal Thailand for the self-erecting tender rig T-3 in the Gulf of Thailand. The production drilling assignment has a duration of approximately three months. Commencement of operations is scheduled for February 2005 prior to the assignment for PTT, which is expected to start in May 2005. The contract value is estimated at US$ 4 million.