TODCO Wins Two-Year Contract in Angola for THE 185
TODCO has signed a two-year drilling contract with two one-year options for its drilling rig, THE 185. The rig, a 120-foot water depth capable independent leg cantilevered jack up rig, was constructed in 1982 and has been cold-stacked since January, 1999.
Following the estimated 70-day shipyard reactivation and mobilization to Angola, THE 185 is expected to begin drilling operations in mid-August 2005 at a dayrate in the high $50,000 range for Angola Drilling Company Limited ("ADC"). ADC will share substantially in the costs of reactivating the rig and the costs of mobilizing it from the U. S. Gulf of Mexico and demobilizing it back at the end of the contract period. Total revenues from the 2-year initial term of the contract are anticipated to be approximately $52 million.
ADC intends to utilize the rig to fulfill its service contract with Sonangol Pesquisa E Producao S.A.R.L. to develop and produce the Morsa West area offshore Angola in West Africa.
Jan Rask, President and Chief Executive Officer, said "We are pleased with the signing of our contract with ADC for our first customer-supported rig reactivation. This contract clearly demonstrates that our strategy of reactivating cold-stacked equipment only with the customer's support is the right strategy."
- AETI Alliance Group to Service Brazilian Offshore Drilling, Marine Markets (Dec 04)
- Hercules Merger Consideration in Acquisition of TODCO (Jul 16)
- Hercules Completes Acquisition of TODCO (Jul 11)