Smedvig has entered into an agreement with Malaysia Shipyard and Engineering Sdn
Bnd in South Malaysia
for the purpose of building a new self erecting tender rig.
The new unit is scheduled for delivery in the first quarter 2004, and
capital expenditure is estimated to approximately US$ 67 million,
including the derrick equipment set.
The tender rig will be based on a new design developed by Smedvig,
with enhanced drilling capabilities allowing for parallel activities,
which will significantly increase drilling efficiency. The new unit
will be particularly well suited for production drilling in shallow
and deepwater areas in Southeast Asia
"This investment reinforces our position as the leading tender rig
operator and will expand our activities in one of the fastest growing
energy markets in the world", says CEO Kjell E Jacobsen in