TODCO reports that its jackup rig, THE 202, incurred damage during a jacking operation while on location about 16 miles east of Galveston in approximately 40 feet of water. All personnel on the rig were safely evacuated after the incident occurred and no personnel remain on the rig. The rig, a 200 foot mat cantilever type unit, is still supported by its damaged legs but is listing approximately 4 degrees with the bow 5 or 6 feet under the water line. The Company has not yet determined the full extent of damage, projected repair costs or necessary time to repair the rig. Technical assessments for jacking the rig down are currently underway.
The rig has a net book value of approximately $16.5 million and is insured for $33.0 million. The deductible for rig damage is approximately $4.0 million in the event of a partial loss and zero in the event of a total loss. The Company is self-insured for 30% of all losses above the applicable deductible.
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