Smedvig secures two deepwater commitments for West Navion

Conoco UK Ltd. has issued a letter of intent for an exploration drilling contract to Norway's Smedvig for use of Smedvig's deepwater drillship West Navion, Smedvig said Monday. Enterprise Energy Ireland Ltd. has also awarded the drillship a letter of intent.


Conoco UK Ltd. has issued a letter of intent for an exploration drilling contract to Norway's Smedvig for use of Smedvig's deepwater drillship West Navion, Smedvig said Monday. Enterprise Energy Ireland Ltd. has also awarded the drillship a letter of intent.

Under the Conoco agreement�valued between $25 and $33 million (US)�the West Navion would drill two wells in 1,000 and 1,920 m of water west of Shetland and Scotland. The contract includes incentive schemes for dual drilling operations. The estimated drilling period is 120-160 days, and start-up of operations is scheduled for the second quarter 2001. Drilling in a water depth of 1,920 meters is the deepest ever in European waters.

Enterprise Energy Ireland Ltd. has awarded a letter of intent for a $12 million (US) exploration drilling contract for Smedvig's West Navion to drill one well on the Errigal prospect, located in 1,600 m of water west of Ireland. The estimated drilling period is 60 days. The start-up of drilling operations is scheduled for sometime between March and August 2001, depending on the completion of a drilling assignment for Bapetco in the Mediterranean.

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