Smedvig to Build New Tender Rig in Southeast Asia

Smedvig has entered into an agreement with Malaysia Marine & Heavy Engineering Sdn Bnd in South Malaysia for the purpose of building a new self erecting tender rig, T-10. The new barge unit is scheduled for delivery at the end of the second quarter 2007, and capital expenditure is estimated to approximately US $89 million, including the derrick equipment set, where Smedvig's ownership share is 49 percent.

The tender rig will be based on a similar but improved design and specification as Smedvig's T-9, with enhanced drilling capabilities allowing for parallel activities and significantly increase drilling efficiency. The new unit will be particularly well suited for production drilling in shallow and deepwater areas in Southeast Asia.

Smedvig has also been awarded a letter of intent by Carigali Triton in Malaysia for the self-erecting tender rig T-10. The production drilling assignment has a duration of approximately three years, and the contract value is estimated to US $84 million. Commencement of operations is scheduled subsequent to delivery at the end of the second quarter 2007.

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