Smedvig Lands Long Term Contract from Chevron for the T-7

Smedvig has been awarded a letter of intent by Chevron Thailand Exploration and Production Ltd for production drilling offshore Thailand with the self-erecting tender rig T-7. The assignment has a duration of five years. Commencement of operations is scheduled for the third quarter 2006 in direct continuation of the existing contract and a mandatory reclassification yard-stay for the unit. The estimated contract value is approximately US $92 million. The contract includes an incentive scheme.

T-7 has been working continuously for Unocal Thailand (now Chevron Thailand) since the delivery in 1983.

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