Smedvig Secures New Contract for West Alpha

Smedvig has received a contract from Britannia Operator Limited for a drilling assignment for the fourth-generation semisub, West Alpha. The contract covers the drilling of a technically complex production well on the Britannia field in the UK sector of the North Sea.

The drilling period is estimated to approximately 100 days, and the contract value is approximately US$ 10 million. Start-up of operations is scheduled for late November 2002, in direct continuation of a drilling assignment for Shell.

Britannia Operator Limited is a joint venture company owned by ChevronTexaco and Conoco, and the contract is subject to the co-venturers' approval.

West Alpha is a high-quality drilling rig with extensive experience in advanced drilling operations and completions for production wells. "This contract is one of several advanced drilling assignments awarded to Smedvig this year, and provides good earnings in a currently soft market for drilling rigs", says CEO Kjell E. Jacobsen of Smedvig asa.