The extension of the contract for the Sedco 712 continues a relationship between Oilexco and Transocean that commenced in December 2003 when the Transocean semisub J.W. McLean went on contract to Oilexco. In 2004 the Transocean semisubs J.W. McLean and John Shaw were under contract for 286 days. During this period, Oilexco was the most active operator of exploration-appraisal wells in the UK North Sea, an extraordinary distinction which continued in 2005. Oilexco's current contract with Transocean for the Sedco 712 was initiated under a Letter of Arrangement executed in October 2004, before the tightening of the offshore rig market. The 712 came on contract to Oilexco on March 23, 2005, after a 6 month refurbishment program.
"Extending the contract will allow Oilexco to continue its aggressive program of exploration, appraisal and development drilling in the UK North Sea well into the future" said Arthur Millholland, CEO of Oilexco. "We presently have exploration and appraisal drilling scheduled through 2007 and into 2008. Having this rig will allow Oilexco to continue to create significant shareholder value going forward by being able to maintain a flexible drilling schedule that makes allowances for the addition of future development drilling programs. We have shown that having a rig of this type, specification and operating efficiency under long term contract, has allowed Oilexco to accelerate development projects in addition to maintaining control over it's destiny. Oilexco is also looking forward to continuing the Team 712 relationship with the personnel aboard the rig" added Mr. Millholland. "The Team 712 philosophy focuses on an Oilexco-Transocean team approach for safe and efficient rig operations".
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