By OGJ editors
HOUSTON, Sept. 20 -- Smedvig ASA, Stavanger, has signed a letter of intent to purchase Statoil ASA's 50% share in the ultradeepwater drillship West Navigator for $175 million. The purchase increases Smedvig's ownership share of the drillship to 100%.
Smedvig will receive 100% of West Navigator's cash flow from May 1. As a consequence, Smedvig's book value at transfer of ownership is estimated to $168 million.
West Navigator has secured long-term employment until fourth quarter 2007, Smedvig said.
