Aban will upgrade the dynamically positioned drillship in a Singapore shipyard to operate in water depths up to 6,000 feet. Total project costs are an estimated US$180 million to US$200 million. The vessel is scheduled to reenter service in mid-2007 and initially will drill wells for Kosmos offshore West Africa.
"This agreement provides Kosmos Energy with the capability to execute a portion of our exploration and drilling programs in West Africa," said James C. Musselman, Kosmos Chairman and Chief Executive Officer. "We are excited about the opportunity to expedite the drilling of our sizable and growing acreage position.
"E&P companies must take this type of initiative to realize success, especially in today's marketplace. Rigs are in tight supply, a condition that industry experts forecast will continue for an extended period," Musselman added.
Aban will operate the "Peregrine III," which will be renamed "Aban Abraham," under terms of a drilling contract with Kosmos. West Africa Drilling N.V., which purchased the "Peregrine III" from Transocean, recently was sold to Aban.
Kosmos Energy is a privately held international oil exploration and production company with a focus on West Africa. Kosmos is led by a seasoned management and technical team with extensive international and West Africa experience, and a proven record of finding and developing significant oil reserves. With the financial backing of international private equity investors Warburg Pincus and Blackstone Capital Partners, the company possesses significant financial and operational capability to generate and participate in multiple high-impact upstream projects.
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