The Venture Production commitment, which has been approved by both companies' Board of Directors, will have a contract term of two years at a dayrate of $210,000 per day. There are no extensions or options beyond the contract term. The Company estimates the cost of the rig will be approximately $190 million. Venture Production has informed the Company that it anticipates employing the rig in the North Sea. Mark Jackson, President and Chief Operating Officer of Noble Corporation, said, "We are pleased to continue to build on our long-term relationship with Venture Production with this contract."
This rig is the third heavy duty, harsh environment (HDHE) F&G JU-2000E, a high specification Friede & Goldman designed jackup, that the Company has scheduled to deliver to customers over the next three years. The Company has previously reported contracts with Shell E and P Offshore Services B.V. for the first two such newbuild jackups, to be named the Noble Roger Lewis and Noble Hans Deul. Each of these harsh environment jackups has a 75 foot cantilever reach, rated water depth of 400 feet, and rated drilling depth of 30,000 feet.
An indirect subsidiary of the company, Noble Drilling Holding LLC, has entered into a contract with DSIC for the construction of the latest F&G JU- 2000E jackup. Based on its contract with DSIC, the Company expects delivery of this jackup in the first quarter of 2009.
The Company also announced two new commitments for current rigs. In addition to the third F&G JU-2000E newbuild jackup, Venture Production has extended its commitment for the Noble Ton van Langeveld semisubmersible in the North Sea for one year beginning in or about May 2008 at a dayrate of $360,000. Separately, Anadarko Petroleum Company has agreed to a one year commitment for the Noble Homer Ferrington semisubmersible, commencing in or about January 2008 offshore Nigeria at a dayrate of $434,000 per day. Neither of these contracts has any extensions or options.
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