Todco signs rig contract with Pemex

Offshore staff

HOUSTON --Todco has signed a two-year drilling contract for its THE 206 rig with Pemex. The contract begins in June 2007. The contract is valued at $82 million.

Todco also reported that its jackupTHE 205 was at safe harbor off Veracruz, Mexico, preparing for mobilization to the US Gulf of Mexico, when it was struck by a cargo vessel. Extent of the damage, and cost and time for repairs has not been determined.

12/29/2006