Smedvig is an offshore drilling contractor headquartered in Stavanger, Norway. The Company’s activities cover well construction and well services within three main markets: Mobile Units, Platform Drilling, and Tender Rigs Smedvig has a fleet of six modern drilling units and 11 tender rigs. Smedvig has been a leading drilling contractor since the start-up in the Norwegian sector of the North Sea. The Company generated revenues of NOK 3.1 billion in 1999 and has some 2,700 employees. Smedvig is listed on the Oslo Stock Exchange and the New York Stock Exchange and has a market capitalization of approximately NOK 4.8 billion (March 2000).