Smedvig Rigs Awarded New Contracts

The self-erecting tender rigs T-2 and T-3, which are owned 49 percent by Smedvig, have been awarded new contracts with Esso Production Malaysia Inc. The contracts have a duration of three years with option for one additional year. The contracts include a right to terminate after two years. The contract value for the three-year period for T-2 is estimated at approximately USD 50 million and for T-3 approximately USD 48 million, plus mobilization fees. The contract commencement for T-2 is 18 January, in direct continuation of the current contract with Esso Malaysia. For T-3, start-up is scheduled for early February.