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Contract Extension for Smedvig's Drilling Rig West Epsilon.

STAVANGER, Norway--(BUSINESS WIRE)--Sept. 17, 1997--Smedvig asa has signed a letter of intent with Statoil for an extension of the contract for West Epsilon.

In 1993 the company was awarded a 4.5 years production drilling contract for West Epsilon on the Sleipner Vest field in the Norwegian North Sea. The drilling campaign commenced July 1995.

Statoil has extended this agreement with three years and plans a halt in the production drilling on Sleipner Vest from the middle of 1998. In the following three year period Statoil will employ West Epsilon on other fields for either exploration or production drilling operations. According to plans the rig will return to Sleipner Vest mid 2001 for the completion of the production drilling programme.

In connection with this contract extension the dayrate will be increased effective from June 1997. The contract value for the remaining 5.5 years amounts to approximately USD 260 million.

Smedvig asa is an integrated industrial offshore company offering services within well construction, mobile production and reservoir and well technology. It owns and operates mobile drilling units and holds contracts for production drilling, well services and maintenance on fixed installations in the North Sea. In addition, the company also pursues substantial production drilling operations in South-East Asia. Smedvig is involved in mobile production solutions with the water injection platform West Omikron and the production vessels Balder FPU. On the technology side, the company is engaged within resource assessment and reservoir management, well technology and reservoir monitoring.

CONTACT: Smedvig asa, Stavanger

Ole Melberg/Ole Gladhaug, 47 51 50 99 00
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Publication:Business Wire
Date:Sep 17, 1997
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