Total Exercises 400-Day Option Period for Tender Rig Barracuda

Total has confirmed to exercise the option to extend the contract for the tender rig Barracuda for approximately 400 days offshore Indonesia. The extension contract value is approximately US $43 million corresponding to US $107,500 per day. The extension period is from May 2010 until June 2011.

GGS operates a fleet of three tender rigs. All three rigs are on long term contracts. The average duration of the contracts for the fleet is approximately 35 months with an average contract value of approximately US $122 million, corresponding to a day rate of approximately US $120,000. Al Baraka is drilling for Shell offshore Brunei until March 2012 at a day rate of US $116,000. Alligator will commence drilling in the 3rd quarter for Petronas Carigali offshore Malaysia on a 4 year contract with a day rate of US $129,000.

 


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