Offshore staff
(Asia-Pacific) - Reliance Industries Ltd. has awarded a two-year contract to Transocean for the semisubmersible rigC. Kirk Rhein Jr. for drilling operations offshore India.
The contract is expected to begin in December 2006 following the completion of a reactivation program, which has recently begun.
The reactivation program does not involve an upgrade of the rig's current capabilities.
Revenues that could be generated over the two-year contract period total an estimated $248 million, excluding revenues for mobilization, demobilization, and client reimburseables.
TheC. Kirk Rhein Jr., which entered active service in 1976 and was upgraded to its current specifications in 1997, has been idle in the US GoM since March 2002.
The company estimates a cost of $38 million to reactivate and mobilize the rig.
The semi is the third reactivation of a Transocean other floater (mid-water unit) over the past 10 months, following the start of programs during the second half of 2005 for the semi rigsTransocean Prospect and Transocean Winner, which are expected to be completed in June and August of 2006, respectively.
04/17/06
