The contract is for a fixed duration of five years. The Thule Power has been chartered out on a bareboat basis with a bareboat hire income to Thule Drilling of US $80,000 per day for the duration of the contract. This rte represents a drilling dayrate of approximately $120,000.
The Thule Drilling management and board are very satisfied with this achievement which in relation to the total reconstruction cost of US $80 million including contingency, represents a 2.7-year payback on the investment.
Thule Drilling will also receive a mobilization fee with a net contribution of about US $3 million. The end user has accepted a delivery window of early July to November 2006. Odd Hagen at O-J. Libaek & Partners has acted as broker for Thule Drilling.
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