Smedvig Has Further Delays for West Navion

February 4, 2002

Operations on West Navion, which is currently operating for Marathon Oil offshore Canada, continues to be suspended, due to repair work on the main sheaves in the RamRig derrick. Although the work is near completion, defects were discovered in certain welds in the marine riser during inspection prior to re-commencement of operations. Defects have been discovered both in the risers that have been utilized in operation as well as in new, unutilized risers. The initial estimate of the time necessary to complete the required repair work prior to re-commencement of operations is approximately six weeks. The total off-hire period as a result of the RamRig and marine riser repair work is estimated to approximately eight weeks, prior to the loss of hire insurance taking effect.

Smedvig Has Further Delays for West Navion

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