Smedvig and Unocal Form Deepwater Drilling Project for SPU 550.
The SPU 550 is owned 50 percent by Norway's Rasmussen group and 50 percent by Smedvig. On October 1st the Rasmussen ownership share will be transferred to Navion, a company owned 80 percent by the Norwegian state oil company Statoil and 20 percent by Rasmussen.
The SPU 550, a Tentech 700 design now under construction in Japan, is due for delivery from the yard, exclusive of drilling equipment, in November 1997. After delivery from the yard, and subject to the award of a final contract by Unocal, the vessel will be converted and outfitted as a drillship. Drilling operations are due to start late 1998 or early 1999.
"This agreement reinforces Smedvig's strategy as a leading developer of technologically advanced deepwater drilling units. It also strengthens Smedvig's relationship with Unocal, which goes back to 1972 when the company was awarded the first drilling contract in its history, for West Venture on the UK continental shelf," says CEO Ole Melberg.
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
Mr. Ole Melberg, Chief Executive Officer
Mr. Ole Gladhaug, Chief Financial Officer
Ms. Merete Svendsen, Investor Relations Manager
(tel. 47 51 50 99 00)
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|Date:||Sep 19, 1997|
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