Please be aware that we only offer visits to a few selected locations. Please specify your preferred location and we will revert to you as soon as we can.

Sorry, something went wrong!

Thank you!

Name

<div class="content news-content archive" role="main"> 
 <div class="news-page article"> 
  <h1>Selling West Navigator stake</h1> 
  <div class="date"> 
   <div class="date-module"> 
    <div class="date-module"> <span class="date_module-icon fa fa-calendar"></span> <span>September 8, 2004, 10:05 CEST</span> 
    </div> 
   </div> 
  </div> 
  <div class="text parbase section">
   <div class="component-container base undefined " data-emptytext="Text"> 
    <div class="articleBody"> 
     <p>A letter of intent has been concluded by Statoil covering the sale of its 50 per cent interest in the <em>West Navigator</em> deepwater drill ship to Smedvig of Stavanger.</p> 
     <p>The agreed purchase price is USD 175 million. Under the agreement, Smedvig will receive Statoil’s share of cash flow from the vessel from 1 May 2004.</p> 
     <p>“Ownership of mobile drilling units is not defined as part of our core business,” says project manager Arne Wyller Christensen at Statoil.</p> 
     <p>“We have accordingly evaluated the sale of our interest in <em>West Navigator</em>, and recent market developments have helped us to secure an acceptable price for our holding.”</p> 
     <p>Current charters held for the drill ship provide it with employment until the fourth quarter of 2007.</p> 
     <p>The agreement is conditional on board approval.</p> 
    </div> 
   </div>
  </div> 
 </div>  
</div>