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    Smedvig secures new assignments for West Navion

    Contracts, Tenders and Rates // January 31, 2003
    Smedvig has been awarded a letter of intent by ChevronTexaco UK for the assignment of the deepwater drillship West Navion.

    The assignment includes drilling of one deepwater exploration well in approximately 1,000m of water west of Shetland. The estimated contract value is approximately $8 million, and the drilling period is an estimated 45 days, with start-up late March.

    Furthermore, the existing contract for West Navion with Esso Norge AS has been extended by two months. The contract value for the extension period is approximately $10 million. The contract extension, which is a sublet to Statoil, includes drilling of one deepwater exploration well in 1,150 meters of water in the Norwegian Sea. This will keep the unit continuously employed for an estimated period from end March to October 2003.

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