Three Year Assignment for West E-drill

Smedvig has, as manager for Eastern Drilling ASA, obtained a letter of intent by a reputable operator for the assignment of the 6th generation semisubmersible drilling unit, West E-drill. The assignment is intended for global operations and has a duration of 36 months with commencement scheduled for fourth quarter 2007. The estimated contract value is US$ 520 million.

The letter of intent is subject to a number of conditions precedent including board approval of both parties.

West E-drill, which is owned by Eastern Drilling ASA and managed by Smedvig, is currently under construction at Samsung Heavy Industries in South Korea. West E-drill will be one of the most advanced drilling units ever built. The rig is designed with a dual derrick, dynamic positioning, a 6,000 tons variable deck load capacity, with a water depth capability up to 3,000 meters. The unit has been designed for harsh environment and with special environmental focus, minimizing the exposure to the environment.
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