Smedvig Secures Contract for the Newbuild T-10

Smedvig has been awarded a letter of intent by Carigali Triton in Malaysia for the self-erecting tender rig T-10, currently under construction in Malaysia. The production drilling assignment has a duration of approximately three years, and the contract value is estimated to US$ 84 million. Commencement of operations is scheduled subsequent to delivery at the end of the second quarter 2007.