Falkland Reports Rig Substitution

Falkland Oil and Gas Ltd. (FOGL) noted the announcement Friday by Borders & Southern Petroleum plc that it has signed a substitution agreement with Ocean Rig under which the Eirik Raude, the rig specified in the original agreement, has been replaced with the Leiv Eiriksson.

The heads of agreement between FOGL and Borders & Southern which were announced on 19 April 2011, apply equally to this rig and FOGL expects to complete the necessary amendments to the underlying documentation and formally sign the Assignment Agreement to the rig contract shortly.

Tim Bushell, Chief Executive of FOGL, commented:

"We believe the Leiv Eiriksson offers improved technical capabilities, adds more certainty to our drilling timetable and also flexibility, given its potential availability, after the firm drilling program has been completed."


For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Static Equipment / LNG Tank Engineer
Expertise: Mechanical Engineering
Location: Houston, TX
ARAMCO QM20 Third Party Inspector
Expertise: Electrical Engineering|QA / QC / Inspection|Technical Writing
Location: Bolingbrook, IL
Power Generation Technician
Expertise: Electrical Technician|Electrician|Maintenance Technician
Location: Broussard, LA
search for more jobs

Brent Crude Oil : $51.46/BBL 0.61%
Light Crude Oil : $50.52/BBL 0.64%
Natural Gas : $2.83/MMBtu 5.35%
Updated in last 24 hours