Gazflot has requested that Petrolia Drilling take full liability and responsibility as for a normal drilling contract (not only bareboat). Petrolia has advised Gazflot that Petrolia is not prepared to take any liability on operational costs. The dayrate was negotiated September 2004, and is lower than currently market rates.
Thus the current status for the contract negotiations is still ongoing and no agreement has been finalized.
The Petrolia is one of very few rigs available in the UK for 2005 start-up. Market dayrates in the UK are now at least US $120,000. Petrolia is in discussion with operators requiring a semisubmersible drilling rig in the UK sector and reactivation continues.
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