Offshore Staff

(US, GoM) - TODCO is reactivating its cold-stacked drilling rig,THE 153, a 150-ft mat cantilever jackup, for an estimated cost of approximately $20 million. The rig is expected to be operational by late 4Q06.

Jan Rask, TODCO president and CEO, says, "While the reactivation of this rig is a departure from our policy of only reactivating our cold-stacked rigs against long-term contracts, we are confident that we will be able to obtain a drilling contract for this rig prior to completion of its reactivation due to the 10 jackup rigs scheduled to leave the Gulf of Mexico later this year."

07/06/06