According to the contract the rig remains in this situation on contract based on waiting rate.
Some repair will have to be made to the leg and it is expected that the offhire in connection with such repairs will negatively influence the income for the rig in the first quarter. The physical damage to the leg and the repair needed is fully insured.
In other news, SeaDrill has received a signed letter of intent from a major oil company for a 2 year contract for its new building SeaDrill No. 3 which will be delivered in May of this year. The rate for this LOI is US $160,000 a day. SeaDrill has so far not countersigned the LOI but are in the process of evaluating this contract against several other employment opportunities. A final decision is expected shortly.
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