West Navion Experiences More Delays

Operations on the drill ship, West Navion, offshore Canada continues to be suspended, due to repair work on the main sheaves in the RamRig derrick. This work is now near completion.

However, during inspection prior to re-commencement of operations, defects have been discovered in certain welds in the marine riser. Defects have been discovered both in the risers that have been utilized in operation as well as in new, unutilized risers.

The initial estimate of the time necessary to complete the required repair work prior to re-commencement of operations is approximately six weeks.

The total off-hire period as a result of the RamRig and marine riser repair work is estimated to approximately eight weeks, prior to the loss of hire insurance taking effect.

West Navion is currently under contract to Marathon Oil for work on its Annapolis prospect.