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Smedvig Secures New Platform Drilling Contract in the UK

Smedvig has been awarded a letter of intent by Shell UK Limited for platform drilling services and maintenance on 12 fixed installations on the UK continental shelf.

Smedvig has been awarded a letter of intent by Shell UK Limited for platform drilling services and maintenance on 12 fixed installations on the UK continental shelf. The drilling assignment has a firm duration of four years with two renewal options of two years, respectively. The estimated value of the firm part of the contract is NOK 900 million. Commencement is scheduled for May with hand-over of operations on the installations in the period up to end of September this year.

The contract will employ approximately 200 people, which mainly will be recruited locally. The operations will be managed from a newly established office in Aberdeen and will include platform drilling on Brent A, B, C and D, Nelson, Auk, Cormorant Alpha, Dunlin, Eider, Fulmar, North Cormorant and Tern.

Smedvig has over 20 years experience from platform drilling on the UK continental shelf. The Company has held platform drilling contracts on different fields for several operators in the period between 1977 and 1998. Today, Smedvig employs approximately 800 people within platform drilling on the Norwegian continental shelf and holds contracts on eight installations.

Kjell E Jacobsen, CEO in Smedvig asa, says: "The contract with Shell strengthens our position within platform drilling in the North Sea and represents a re-entry into a market we have thorough knowledge of. We have more than 30 years experience in platform drilling and a highly skilled work force."

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