Smedvig Secures Contract for West Alpha

Tuesday, April 02, 2002

Smedvig has been awarded a letter of intent by Shell U.K. Exploration and Production for a drilling assignment for the fourth-generation semi-submersible drilling rig West Alpha. The contract is for drilling of a HPHT (high-pressure-high-temperature) exploration well in the UK sector of the North Sea. The drilling period is estimated to approximately 110 days, and the contract value is $13 million. Start-up of operations is scheduled for August 2002.

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