A subsidiary of Sinvest ASA (in the Deep Drilling Invest Group) and Premium Drilling have agreed to a Letter of Intent with Hardy Exploration & Production (India) Inc. for a Drilling Contract in block CY-OS/2 offshore the East Cost of India. The contract term is for a period of two wells, with an estimated duration of around 130 days.
The Drilling Contract will be performed by Premium Drilling with the unit Deep Driller 1.
The Deep Driller 1 is a new Baker Marine 375 'Pacific Class' jackup designed to work in up to 375 ft water depths and is currently being built at PPL Shipyard in Singapore. A contract with Dockwise Shipping B.V. for transport of the unit from Singapore to India is in place.
The contract will commence upon delivery from the shipyard and estimated gross proceeds from operations under the contract is around US $24 million.
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