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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 1. (language) EPSILON - A macro language with high level features including strings and lists, developed by A.P. Ershov at Novosibirsk in 1967. EPSILON was used to implement ALGOL 68 on the M-220. .

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 according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 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 USD

In currencies, this is the abbreviation for the U.S. Dollar.

Notes:
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
 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 Well services is a department within a petroleum production company through which matters concerning existing wells are handled. Having a shared well services department for all (or at least multiple) assets operated by a company is seen as advantageous as it allows the pooling of  and maintenance on fixed installations in the North Sea. In addition, the company also pursues substantial production drilling operations in South-East Asia South-East Asia nle Sud-Est asiatique

South-East Asia south nSüdostasien nt

South-East Asia n
. Smedvig is involved in mobile production solutions with the water injection platform West Omikron and the production vessels Balder FPU (Floating Point Unit) A computer circuit that handles floating point operations.

FPU - floating-point unit
. 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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