Smedvig Secures New Contract for West Navigator

Smedvig has been awarded a letter of intent by Woodside for the assignment of the deepwater drill ship West Navigator.

The contract includes the drilling of two wells offshore Mauritania in West Africa, with options for additional four wells. The contract value for the firm period is approximately US $11 million. The drilling period is estimated to somewhat more than two months, which will keep the unit continuously employed until November/December 2003.

"This contract expands Smedvig's activities into an important energy region and represents a breakthrough for Smedvig's deepwater operations in West Africa", says CEO Kjell E Jacobsen in Smedvig asa.