Prospector Signs Rig Deal with Total and Elf

Rig contractor Prospector Offshore Drilling announced Tuesday its subsidiary has executed a contract for Total E&P UK and Elf Exploration UK to use its first jackup rig, Prospector 1 (400' ILC), for offshore drilling services in the North Sea.

The contract has an initial term of 690 days. Total has the right to extend the initial contract term for additional well testing and has an option to drill two additional wells. If Total exercises its right to do additional well testing on the initial wells and its option to drill the two optional wells, the contract term could be extended for up to two years. 
 
The total aggregate revenue for the initial 690-day contract is approximately $135 million. The drilling program is expected to begin in the second quarter of 2013, following the delivery of Prospector 1 from the shipyard in Dalian, China, which is expected to occur in January 2013.
 
Prospector Offshore Drilling President and CEO Robert Rose, commented:
 
"This execution of this contract with Total is the next step in the development of the company. We look forward to the delivery of Prospector 1 and providing Total with advanced and safe operations. The company is in ongoing discussions regarding opportunities for our other rigs under construction."
 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
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.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Rockies Area Operations Manager
Expertise: Mud Engineer / Drilling Fluids|Well Servicing & Testing
Location: Denver, CO
 
Drilling Chokes Operator
Expertise: Field Service Tech|Well Servicing & Testing
Location: Odessa, TX
 
Callout Offshore Mechanic
Expertise: Mechanic
Location: Broussard, LA
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours