The Sedco 700-series unit upgrade is expected to commence in the second quarter of 2007 at a shipyard yet to be determined. The cost of the upgrade is estimated to be $300 million and includes dynamic positioning station keeping and water-depth drilling capability up to a maximum of 6,500 feet.
The rig is expected to complete necessary shipyard work by the first quarter of 2008 and then mobilize to its initial drilling location where it will commence operations on Chevron's Frade project offshore Brazil after rig commissioning and customer acceptance. Chevron reserves the right to terminate the contract should the shipyard work not be completed by December 31, 2008.
The contract is the second Sedco 700-series upgrade announced by Transocean in the last month. Once completed, the two upgraded Sedco 700-series units will increase the company's High-Specification Floaters fleet to 34 units, with 30 of the units capable of operating in water depths of 4,500 feet and greater.
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