Smedvig Purchases Tender Rig West Setia

Smedvig, the Norwegian offshore drilling company, has annouced the purchase of a 72 percent ownership interest in West Setia, a semi-submersible tender rig, from Keppel FELS. The tender rig is currently under construction by the shipyard.
     The US$ 65 million puchase will give Smedvig a 100 percent ownership. The intention is to exercise the option at delivery currently scheduled for August 2005.
     West Setia is expected to operate for Brunei Shell subsequent to delivery.

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