TODCO has decided to reactivate another cold-stacked drilling rig. THE 153, a 150 foot mat cantilever jackup rig, will be reactivated for an estimated cost of approximately $20 million of which approximately 20% will be capitalized with the remainder being expensed over the reactivation period. The rig is expected to be operational by late fourth quarter of 2006.
Jan Rask, President and Chief Executive Officer of TODCO, said "While the reactivation of this rig is a departure from our policy of only reactivating our cold-stacked rigs against long-term contracts, we are confident that we will be able to obtain a drilling contract for this rig prior to completion of its reactivation due to the ten jackup rigs scheduled to leave the U.S. Gulf of Mexico later this year."
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