Offshore staff

HOUSTON -- Cobalt International and Anadarko have executed a Rig Assignment Agreement for Cobalt to use Diamond’s semisubmersible drilling rig Ocean Monarch.

Cobalt plans to use the rig to drill its North Platte exploratory well in the Gulf of Mexico Garden Banks area. The agreement includes an option for a second well.

Cobalt has committed to use the rig for a minimum of 75 days at a day rate of $440,000. The company expects Anadarko to make the rig available around May 1.

3/9/2010