STAVANGER, Norway, March 14, 2003 (PRIMEZONE) -- Smedvig (NYSE:SMVa) (NYSE:SMVb): A letter of intent has been awarded to Smedvig by Statoil for the assignment of the fourth generation drilling rig West Alpha. The contract includes drilling of two water injection wells at the Heidrun field in the Norwegian Sea, with an option for additional 30 days. The estimated contract value for the firm part of the contract is approximately U.S. $15 million. The drilling period is estimated to approximately five-months. Start-up of operations is scheduled for the second part of June, after completion of the assignment for Pertra. West Alpha is currently drilling for Britannia at the U.K. continental shelf.
Smedvig asa is an offshore drilling contractor headquartered in Stavanger, Norway. The company provides drilling and well services in the North Atlantic and Southeast Asia. Smedvig's main activities are divided into mobile units, tender rigs and platform drilling. Smedvig has a fleet of three modern drilling rigs, one drillship and nine tender rigs, as well as one tender rig under construction. The company holds contracts for production drilling, well services and maintenance on fixed installations.
This press release includes forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual performance could differ materially from that anticipated in the forward-looking comments, as a result of risks, uncertainties and other factors, as set forth in the annual report on Form 20-F dated June 10, 2002. A copy of the Form 20-F is available upon request from the Company or on our web-site www.smedvig.no.