Smedvig secures new assignments for West Navion

ChevronTexaco UK has awarded Smedvig a letter of intent for the assignment of the deepwater drillship West Navion. The assignment includes drilling of one deepwater exploration well in 1,000 m of water west of Shetland. The estimated contract value is $8 million, and the drilling period is 45 days, with start-up set for late March.

ChevronTexaco UK has awarded Smedvig a letter of intent for the assignment of the deepwater drillshipWest Navion. The assignment includes drilling of one deepwater exploration well in 1,000 m of water west of Shetland. The estimated contract value is $8 million, and the drilling period is 45 days, with start-up set for late March.

The existing contract forWest Navion with Esso Norge AS has been extended by two months. The contract value for the extension period is $10 million. The contract extension, which is a sublet to Statoil, includes drilling of one deepwater exploration well in 1,150 m of water in the Norwegian Sea. This will keep the unit continuously employed from end March to October 2003.

01/20/03

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