(US, GoM) - TODCO provided an update on its jackup rig,THE 202, that sustained damage during a jacking operation in November 2005.
The rig incurred damage while on location about 16 mi east of Galveston, Texas in approximately 40 ft of water.
THE 202 is now in a shipyard and repairs to the jacking system and damaged legs are underway.
The estimated cost to repair the rig is approximately $14 million.
Under the company's hull and machinery insurance policy, the deductible for rig damage is approximately $4 million, and the company is self-insured for 30% of all losses above the applicable deductible.
As such, the net cost to the company for the repairs should be approximately $7 million.
THE 202 is expected to return to drilling operations in May 2006.