STAVANGER, Norway, June 2, 2003 (PRIMEZONE) -- Smedvig (NYSE:SMVa) (NYSE:SMVb) has been awarded a letter of intent by the Australian oil company Woodside for the assignment of the deepwater drillship West Navigator.
The contract includes the drilling of two wells offshore Mauritania in West Africa, with options for additional four wells. The contract value for the firm period is approximately US$ 11 million. The drilling period is estimated to somewhat more than two months, which will keep the unit continuously employed until November/December 2003.
"This contract expands Smedvig's activities into an important energy region and represents a breakthrough for Smedvig's deepwater operations in West Africa," said CEO Kjell E Jacobsen in Smedvig asa.
Analyst Contact:
Jim Datland, Investor Relations Manager +47 51 50 99 19
Media Contact:
Alf C Thorkildsen, Chief Financial Officer +47 51 50 99 19
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 and has 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.
Smedvig asa
P.O. Box 110, 4001 Stavanger Phone: +47 51 50 99 00 Fax: +47 51 50 96 88 Web site: www.smedvig.no E-mail: smedvig@smedvig.no