Drilling contract extended

April 10, 2002, 15:30 CEST

Smedvig has been granted an extension to its contract with Statoil for the Statfjord field in the North Sea.

This two-year extension, with an estimated value of around NOK 400 million, will continue until September 2004 and includes production drilling, maintenance and support to the well operations on all three Statfjord platforms.

Smedvig has held a combined contract for the entire Statfjord field since 1987. Prior to this Smedvig was engaged on the Statfjord C platform from 1982 and on the A and B platforms from 1986.

The extension will provide employment for about 250 people.