SapuraCrest / Smedvig lands two rig contracts

Offshore staff

(Asia-Pacific) - Malaysia's SapuraCrest Petroleum Berhad says two rigs owned by its subsidiaries and partner Smedvig Group have signed two letters of intent (LoIs) to drill for Petronas Carigali Sdn Bhd, an upstream unit of the Malaysian national oil corporation, Petronas.

The first LoI was was signed by wholly-owned subsidiary Petcon (Malaysia) Sdn Bhd to deploy tender assisted drilling rig,Teknik Berkat, for 600 days on Petronas' drilling program called BAJT-H, Bekok-A/C, Tiong-A Reviist, and Dulang Revisit in Malaysian waters.

The US$31 million contract is effective from this month, says SapuraCrest.

The second LoI is signed by Tioman Drilling Co. Sdn Bhd for the deployment of the tender assisted drilling rig, theT-6 for Petronas' BADP-A, Sumandak-A, and Angsi D drilling programs, also in Malaysian waters for a period of two years.

The US$43 million contract is effective from December 2005.

Smedvig owns 49% each in of the two rigs.

11/22/05