Smedvig Secures New Tender Rig Contract

December 15, 2003

Smedvig has been awarded a letter of intent by Total Congo for the self-erecting tender rig T-8. The drilling assignment in Congo, West Africa, has a firm duration of 105 days, with options for an additional 300 days. The estimated contract value for the firm period is US$ 5.1 million. In addition, the contract includes a mobilization/demobilization fee of US$ 4 million. Start-up under the new contract is scheduled for the second quarter 2004, following a five year mandatory survey.

Smedvig Secures New Tender Rig Contract

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