West Navion Lands Contract Offshore Nova Scotia

A letter of intent has been awarded to Smedvig by Marathon Oil Company for the assignment of the deepwater drillship West Navion.

The contract includes drilling of one exploration well in 1,800 meters of water east of Nova Scotia in Canada. The contract value including mobilization fee is approximately US $13 million. Estimated drilling period is 60 days.

West Navion will be mobilized to Canada after completion of its drilling assignments in Europe's northern offshore areas, within the beginning of November this year. The letter of intent is subject to agreement on final contractual terms and conditions.