Anadarko to Deliver on Deepwater Strategy with Rig Plan

Anadarko Petroleum announced a plan to secure the necessary drilling rigs to execute its deepwater strategy over the next six years.

"A review of our worldwide deepwater drilling inventory along with the tightening deepwater rig market led us to lock in the equipment and services we need to execute upon our strategy," said James T. Hackett, President and CEO. "Nearly two-thirds of the rig time will be to delineate and develop discoveries and the remainder will be for high potential exploration."

As part of the plan, Anadarko with two other producers signed a four-year rig-share agreement under which ENSCO International Incorporated will build a new semisubmersible drilling rig with a target delivery date of mid-2008. Anadarko committed to 50 percent of the rig time at a cost of almost $200 million over the contract term.

Anadarko executed a three-year drilling contract with Dolphin Drilling Ltd. to secure the Belford Dolphin drillship at a cost of $459 million. It is anticipated the vessel will be released to Anadarko beginning in mid-2007.

In addition, multi-year contracts worth approximately $1.19 billion are being finalized to extend the company's existing contracts and secure incremental rigs. Anadarko currently has two deepwater rigs under contract.

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