Smedvig Secures New Contract for West Menang

Smedvig has been awarded a letter of intent by Total for the semi-submersible self-erecting tender rig West Menang offshore Congo in West Africa. The drilling assignment has a firm duration of 4 wells estimated to 440 days, with options for an additional 5 wells. The contract value for the firm period is estimated to approximately US$ 37 million. The new contract is scheduled to start in continuation of the current contract with Brunei Shell Petroleum, in May 2004.

West Menang, which was delivered in 1999, is an advanced drilling unit designed with enhanced drilling capabilities for improved operational efficiency and safety.

"This contract adds to the geographic diversity of the Smedvig's activities and is a breakthrough for our tender rig concept in one of the world's fastest growing offshore markets", says Smedvig CEO Kjell E. Jacobsen.