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STAVANGER, Norway, June 2, 2003 (PRIMEZONE) — Smedvig (NYSE:SMVa) (NYSE:SMVb) has been awarded a letter of absorbed by the Australian oil aggregation Woodside for the appointment of the deepwater drillship West Navigator.

The arrangement includes the conduct of two wells adopted Mauritania in West Africa, with options for added four wells. The arrangement amount for the close aeon is about US$ 11 million. The conduct aeon is estimated to somewhat added than two months, which will accumulate the assemblage continuously active until November/December 2003.

“This arrangement expands Smedvig’s activities into an important activity arena and represents a advance for Smedvig’s deepwater operations in West Africa,” said CEO Kjell E Jacobsen in Smedvig asa.

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 adopted conduct architect headquartered in Stavanger, Norway. The aggregation provides conduct and able-bodied casework in the North Atlantic and Southeast Asia. Smedvig’s capital activities are disconnected into adaptable units, breakable rigs and belvedere drilling. Smedvig has a agile of three avant-garde conduct rigs, one drillship and nine breakable rigs and has one breakable rig beneath construction. The aggregation holds affairs for assembly drilling, able-bodied casework and aliment on anchored installations.

This columnist absolution includes advanced statements beneath the Safe Harbor accoutrement of the Private Securities Litigation Reform Act of 1995. Actual achievement could alter materially from that advancing in the advanced comments, as a aftereffect of risks, uncertainties and added factors, as set alternating in the anniversary address on Form 20-F anachronous June 10, 2002. A archetype of the Form 20-F is accessible aloft appeal from the Aggregation 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: [email protected]

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