Smedvig’s drilling contract in Malaysia extended

Smedvig ASA announced late January that the company has signed an agreement with Esso Production Malaysia Inc. to extend the production drilling contract for the self-erecting tender rig T-2.
     The extension has a duration of one year, from January 2004, including options for another two years. The estimated contract value is approximately US$18 million.
     The contract extension is subject to a substitution of rigs. In April/May, 2004 T-2 will be replaced by T-9 which is currently under construction in Malaysia.
     The T-9 is based on a design developed by Smedvig, with enhanced drilling capabilities allowing for parallel activities, which significantly increases drilling efficiency.
     Smedvig ASA is an offshore drilling contractor headquartered in Stavanger, Norway. The company provides drilling and well services in the North Atlantic and Southeast Asia.

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