Standard Drilling has negotiated for an earlier delivery date of rig 3 and rig 4 than originally agreed upon in the option contract signed in March 2006. Rig number 3 is scheduled to be delivered in June 2009, 4 months ahead of the delivery date in the option contract. Rig number 4 is scheduled to be delivered in October 2009, 6 months ahead of the delivery date in the Option contract. The cost of the acceleration of the delivery is US $5 million per rig. Total contract price for rig 3 and 4 is therefore US $153.5 million per rig. Total liquidating damage in the contracts for L203 and L204 is a maximum of US $10 million per rig and the reduction in the contract price per day is structured such that if the rigs are delivered at the original dates in the option contract (delayed by 4 months for rig 3 and 6 months for rig 4), the construction price per rig will be adjusted to the original option contract price of US $148.5 million per rig.
Standard Drilling AS has the following Jackup rigs on order:
L201 Contract price is US $146.5 million, delivery September 2008
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