ENSCO 7500 UPDATE
|Thursday, March 02, 2000
ENSCO International Incorporated reports that construction of the ENSCO 7500 semisubmersible rig is progressing satisfactorily at the Friede Goldman Offshore Shipyard in Orange, Texas. It is estimated that construction of the rig will be completed, and that shipyard delivery will take place during October of 2000. This is in line with ENSCO's previously reported expectation that the rig will commence its term contract for Burlington Resources during the fourth quarter of 2000. The Burlington contract is expected to generate revenue of approximately $190 million during the three year primary term. In a related development, Burlington, while reconfirming their commitment under the ENSCO 7500 drilling contract, and ENSCO have agreed to work together to sublet the rig to third parties if spare rig capacity is available during the primary term of the contract. The ENSCO 7500 is a dynamically positioned semisubmersible rig capable of drilling in 8000 feet of water. The rig is an ENSCO proprietary design intended for work in the Gulf of Mexico, offshore Brazil, West Africa or Asia.