Neptune Marine Secures 3-Year Contract for Neptune Explorer

Neptune Marine

Neptune Marine has signed a contract with a major operator for the drillship Neptune Explorer for operations in South Asia. The firm contract period is for three years with an option to extend the contract period at mutually agreed rates and terms for another 3 years. The contract value for the firm contract period is US $348 million.

The contract specifications require the drillship to be upgraded from the current 750 ft drilling capability to operations up to 3,500ft water depth.

The delivery of the rig is scheduled for 1Q2007.

In other operational news, the Neptune Discoverer is completing its final work in the shipyard in Singapore and is expected to be available in July 2006.