TODCO has signed a seven-month drilling contract with Swift Energy Company for its cold-stacked Rig 28, a 3000-hp conventional inland barge rig. Once reactivated, the rig will work in the inland waterways of south Louisiana. Total revenues from the contract are estimated at $5.5 million. The cost to reactivate the unit is estimated at $2.8 million which will be expensed during the 70-day reactivation period.
Jan Rask, President and Chief Executive Officer of TODCO, said "We are pleased to further our relationship with Swift through the signing of this contract. This contract represents our second cold-stacked rig reactivation within the last two weeks which is a clear indication of current market strength. As the only contractor with significant cold-stacked drilling rig capacity in the U.S. Gulf of Mexico, we will continue to adhere to our strategy of only reactivating rigs with customer support."
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