Smedvig Buys Keppel’s Interest in Rig

Smedvig Asia has exercised its option to purchase Keppel Hitachi Zosen’s (KHZ) interest in the semi-submersible tender rig, West Alliance, for US$61.5 million on November 2, 2001. In mid August this year, Smedvig Asia had announced its intention to purchase KHZ’s stake in the rig once the vessel commences operations. With the exercise of its option, Smedvig Asia now owns 100 percent of West Alliance. West Alliance, now deployed in East Malaysia under a contract with Esso Malaysia, was successfully built and delivered by Keppel Shipyard, a member of the Keppel Group, in October 2001.