Smedvig has been awarded a letter of intent by ChevronTexaco, U.K. for the assignment of the deepwater drillship West Navion. The assignment
includes drilling of one deepwater exploration well in approximately
1000 meters of water west of Shetland. The estimated contract value
is approximately $ 8 million, and the drilling period is estimated
to 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 1150 meters of water in the
Norwegian Sea. This will keep the unit continuously employed for an estimated period from end March to October 2003.