STAVANGER, Norway, July 14, 2003 (PRIMEZONE) -- Statoil (NYSE:STO) has awarded a letter of intent to Smedvig for the assignment of the fourth generation drilling rig West Alpha. The contract includes production drilling on the Kristin field in the Norwegian Sea. The contract has a duration of 12 months with options for four additional periods of three months each. The estimated contract value for the firm part of the contract is approximately US$ 40 million. West Alpha is currently drilling for Statoil on the Heidrun field, an assignment that is scheduled to be completed in the fourth quarter. The new contract is expected to start ultimo February next year in direct continuation of a periodical survey including modifications of the unit.
Analyst Contact: Jim Datland, Investor Relations Manager +47 51 50 99 19
Media Contact: Alf C Thorkildsen, Chief Financial Officer +47 51 50 99 19
Smedvig asa is an offshore drilling contractor headquartered in Stavanger, Norway. The company provides drilling and well services in the North Atlantic and Southeast Asia. Smedvig's main activities are divided into mobile units, tender rigs and platform drilling. Smedvig has a fleet of three modern drilling rigs, one drillship and nine tender rigs and has one tender rig under construction. The company holds contracts for production drilling, well services and maintenance on fixed installations.
This press release includes forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual performance could differ materially from that anticipated in the forward-looking comments, as a result of risks, uncertainties and other factors, as set forth in the annual report on Form 20-F dated June 10, 2002. A copy of the Form 20-F is available upon request from the Company or on our web-site www.smedvig.no. Smedvig asa P.O. Box 110, 4001 Stavanger Phone: +47 51 50 99 00 Fax: +47 51 50 96 88 Web site: www.smedvig.no E-mail: smedvig@smedvig.no