Smedvig Secures New Drilling Contract for West Navion

Smedvig has been awarded a new drilling contract by BP Exploration Operating Company Limited in UK for the assignment of the deepwater drillship West Navion.

The contract includes drilling of one deepwater exploration well in 3,600 feet of water Southeast of the Faroe Islands, with option for a second well. The estimated contract value for the first well is approximately US$ 5 million. The drilling period is estimated to somewhat less than a month.

West Navion will be mobilized to the Faroe Islands immediately after completion of the drilling contract for Conoco. Start-up of the operation is scheduled for mid-August.