Smedvig to build new semi-tender in Southeast Asia

Norwegian offshore drilling contractor, Smedvig asa announces on April 2 that it has entered into an agreement with Keppel Shipyard in Singapore to build a new semi-submersible self-erecting tender rig (semi-tender).
     The total capital expenditure for this new semi-tender is estimated at US$ 94 million, of which Smedvig’s share is approximately US$ 29 million.
     “This investment reinforces our position as the leading tender rig operator,” says Smedvig’s CEO, Kjell E Jacobsen.
     Under the agreement, Keppel Shipyard will build and own the semi-submersible hull while Smedvig will own the derrick equipment set and be responsible for marketing, management and operation of the unit for a period of ten years. The agreement also includes an option for Smedvig to purchase the semi-submersible hull during the ten-year period at a pre-agreed price.
     Delivery of the rig is scheduled for the third quarter 2005. The new unit is targeted for deepwater drilling operations in combination with floating wellhead platforms such as TLPs and Spars in benign waters.

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