Smedvig acquires remaining interest in West Alpha

Smedvig ASA is acquiring 50% ownership interest in the West Alpha semisubmersible from Danish KS Difko XLIV for $75 million, increasing Smedvig's ownership share to 100%.

Oct. 6, 2004

By OGJ editors

HOUSTON, Oct. 6 -- Smedvig ASA is acquiring 50% ownership interest in the West Alpha semisubmersible from Danish KS Difko XLIV for $75 million, increasing Smedvig's ownership share to 100%.

The transaction's terms call for an additional payment depending upon Smedvig's stock price through Dec. 31, 2005. Difko Group is a limited partnership of the Danish Investment Foundation.

Smedvig owns 8% of KS Difko XLIV. West Alpha is under contract with Statoil ASA in Kristin natural gas and condensate field until February 2005.