Early Termination of Drilling Contract for Tender Rig T-8 and Contract Extension for Tender Rig T-1.STAVANGER, Norway--(BUSINESS WIRE)--July 14, 1999-- Thaipo Ltd. in Thailand has notified Smedvig of their intention to exercise their right of early termination of the drilling contract for the self-erecting tender rig T-8. The termination will be effective when the current drilling programme is completed circa 19th July 1999. The early termination fee termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. payable under the contract amounts to a total of 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. 4 million for the remaining contract period. Smedvig's ownership interest in T-8 is 100 percent. PTT (1) (Postal, Telegraph & Telephone) The governmental agency responsible for combined postal, telegraph and telephone services in many European countries. (2) See push-to-talk. PTT - Post, Telephone and Telegraph administration Exploration and Production Company in Thailand has extended the contract for T-1 up to 24th September 1999. The rig will be used as an accommodation vessel during this period. The contract value is approximately USD 1 million. Smedvig's ownership interest in T-1 is 49 percent. Smedvig asa is an offshore company offering services within well construction 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 n → le Sud-Est asiatique South-East Asia south n → Südostasien nt South-East Asia n → . On the technology side, the Company is engaged within resource assessment and reservoir management, well technology and reservoir monitoring. |
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