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."
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