The Ocean 66 was acquired through a U.S. bankruptcy auction process in April 2007 for U.S. $1.2 million and will significantly enhance the Company's ability to develop its offshore oilfields in the Gulf of Thailand.
Refurbishment of the Ocean 66 and conversion into a re-usable multi-purpose platform to accommodate production facilities, drilling operations and tender assist operations is anticipated to take six months. Once completed the rig will be relocated to the Gulf of Thailand to be utilized initially in the development of the Songkhla and Bua Ban oilfields. The Songkhla field is currently under development and expected to be in production early, 2008.
Frank Inouye, Chief Executive Officer of Coastal, commented:
'With the current market rates for drilling and development services reaching record levels in Asia, the Ocean 66 provides the Company with a cost effective alternative in developing the offshore fields. Our portfolio offshore includes a number of appraisal, development and exploration opportunities and our strategy of utilizing re-usable facilities means that we will be able to develop the fields aggressively while minimizing our exposure to the market driven prices in the services sector.'
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