Awilco Exercises Option for 6th Jackup

Awilco Offshore has exercised an option with Keppel FELS to build a 400ft jackup with a rated drilling depth of 30,000 ft.

The rig is to be delivered no later than May 31, 2009, and has a contract price with the yard of US $146 million. In addition to the contract price with the yard, the delivered cost of the rig will include site supervision, pipehandling equipment, spare parts and financing costs during construction.

Awilco Offshore expects to finance the rig with internal funds and debt facilities.

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