TODCO Moves Damaged Jackup into the Shipyard for Repairs
TODCO updates the status of jackup rig, THE 202, that sustained damage during a jacking operation in November 2005. THE 202 is now in a shipyard and repairs to the jacking system and damaged legs are underway.
The estimated cost to repair the rig is approximately $14 million. Under
the Company's hull and machinery insurance policy, the deductible for rig
damage is approximately $4 million and the Company is self-insured for 30% of
all losses above the applicable deductible. As such, the net cost to the
Company for the repairs should be approximately $7 million. THE 202 is
expected to return to drilling operations in May 2006.
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