Offshore staff
DALLAS -- Cobalt International Energy, L.P. has finalized a drilling contract with ENSCO International Inc. for the ENSCO 8503, an ultra-deepwater semisubmersible rig currently under construction. The drilling program, in the Gulf of Mexico, will operate on a two-year primary term that can be extended to a three or four year term by Cobalt.
The aggregate day rate revenue for the base two-year contract term is expected to be about $372 million. The base operating rate is $510,000 per day, and the day rate will be subject to adjustment for variances in operating costs from January 2008 levels.
Delivery ofENSCO 8503 to Cobalt is currently anticipated in late 2010 or early 2011.
ENSCO 8503 is the company's fourth ENSCO 8500 Series ultra-deepwater semisubmersible rig currently under construction, and will be part of the company's six-rig deepwater fleet that includes the ENSCO 7500 deepwater semisubmersible rig that has been in service since 2000. Four of the 8500 Series rigs are under construction by the Keppel FELS Ltd. Shipyard in Singapore and are now contracted to customers for term work commencing upon delivery. The company recently announced board approval for construction of an additional new rig to be known as ENSCO 8504 and marketing of this rig is underway.
05/05/2008
