Smedvig obtained contracts in SEA

Shell in Brunei awarded Smedvig for the new self-erecting semi-tender rig West Setia. The West Setia is designed for both shallow and deepwater drilling operations in combination with dry well wellhead platforms. The US$ 12.3 million contract is scheduled for August 2005.
     Keppel FELS in Singapore entered an agreement with Smedvig to build a new semi-submersible self-erecting tender rig (semi-tender). The new unit is targeted for deepwater drilling operations in combination with floating wellhead platforms such as TLPs and Spars in benign waters. The new rig is scheduled for delivery in the fourth quarter 2006.
     Keppel shall built and own the semi-submersible hull, and Smedvig shall own the derrick equipment set. Smedvig shall for a period of ten years be responsible for marketing, management and operation of the unit. The agreement includes an option for Smedvig to purchase the semi-submersible hull during the ten-year period at a pre-agreed price.
Smedvig shares approximately US$ 33 million in estimated US$ 105 million Total capital expenditure.
     Shell Sarawak in Malaysia extends the contract with Smedvig for the semi-tender rig West Alliance. The two years contract extension is commencing in January 2006. The contract value is estimated at approximately US$ 50 million.

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