PetroMena Gearing Up for Third Semisub

PetroMena has an option to construct one additional semisubmersible drilling rig with Jurong Shipyard for delivery in January 2010 at a firm price considered favorable in today's market. PetroMena's recently established Singapore subsidiary PetroRig III has entered into a prepayment agreement with Jurong Shipyard in order to secure timely delivery of critical rig components (drilling system). PetroRig III has made a prepayment to Jurong Shipyard of US $35 million, while the total cost of the drilling system is approximately US $135 million, which is considered favorable.

In case PetroMena decides not to exercise its right to construct a third rig, an agreement has been entered into with Jurong Shipyard for the split of any profits related to the sale of this drilling system.

PetroMena recently agreed to revised delivery dates for both rigs under construction with Jurong Shipyard. The PetroRig I delivery date is moved from April to January 2009, and the delivery date for PetroRig II has been moved from December until September 2009. The improved delivery for the PetroRig I carries an acceleration premium cost of US $5 million, while the improved delivery of the PetroRig II is agreed without any cost to PetroMena.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
SOLIDS CONTROL TECH - NORTH DAKOTA
Expertise: Heavy Machinery Operator|Mud Engineer / Drilling Fluids
Location: North Dakota, United States, ND
 
Apprentice Electrician
Expertise: Electrician
Location: Midland, TX
 
Journeymen Electrician
Expertise: Electrician
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours