TOTAL EXTENDS CONTRACT WITH T-8 OFFSHORE CONGO

12-16-2005

Smedvig has been awarded a contract by Total Congo www.total.com  to extend the production drilling contract for the self-erecting tender rig T-8. The contract extension has a duration of one year, and estimated contract value is approximately US $22 million. Commencement is scheduled in direct continuation of the existing contract, from April 2006 until May 2007. In addition, Total Congo has an option to extend the contract by one year at a mutually agreed dayrate. T-8 is currently operating offshore Congo, West Africa.