Seawell Wins Contract Extensions at Gullfaks and Statfjord

Seawell Limited has been awarded a contract extension by StatoilHydro for platform drilling services and maintenance on the Gullfaks and Statfjord fields on the Norwegian continental shelf. The drilling assignment has a firm duration of two years with option for an additional four years. The estimated value for the firm part of the contract is NOK1 billion. Commencement under the extended contract, with start-up October 2008, is in direct continuation of the present contract on Statfjord and Gullfaks.

Seawell has been working on the Statfjord A, B and C platforms since 1982 and the Gullfaks A, B and C since 2004.

Commenting on the contract, Seawell's CEO Alf Ragnar Løvdal said: "Seawell has during the last 30 years built up significant competence within platform drilling and developed a highly skilled workforce. The award confirms our strong and long-term relationship with StatoilHydro and strengthen our ability to service our North Sea clients. We look forward to continue our effort to provide one of our most significant clients with a top team of skilled and experienced people, performing safe operations in all drilling and well maintenance assignments".