Petrorig I contracted for GoM operations

Petrorig I Pte Ltd. has signed a $450 million memorandum of understanding with an international drilling contractor for the sale of semisubmersible drilling rig Petrorig I.

Offshore staff

SINGAPORE -- Petrorig I Pte Ltd. has signed a $450 million memorandum of understanding with an international drilling contractor for the sale of semisubmersible drilling rig Petrorig I.

The rig is currently under construction at Jurong Shipyard Pte Ltd. in Singapore and is scheduled for delivery at the end of the month. When completed, the sixth generation semisubmersible, which is being built on the Friede & Goldman ExD design, will be capable of drilling to a total depth of 37,500 ft (11,430 m) while operating in up to 10,000 ft (3,048 m) of water.

Upon delivery,Petrorig I will begin a five-year contract with Petrobras in the Gulf of Mexico, with an option for another five years.

03/30/2009

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