Smedvig Gets Drilling Contract

Friday, March 01, 2002
Unocal Thailand Ltd. has issued a letter of intent to Smedvig Asia Ltd. for the assignment of the self-erecting tender rig T-4. The production drilling assignment has a duration of five years, and the contract value is estimated at approximately $73 million. The contract includes an incentive arrangement that could increase the contract value. The proposed contract includes early termination provisions after three years against payment of an early termination fee. T-4 is currently working under a drilling contract for Unocal Thailand until mid-December 2002. Thereafter the rig is scheduled for a four months extensive upgrading and classification survey, before it starts up under the new contract in April 2003.

The upgrade represents a major improvement of the T-4 capabilities and includes widening of the barge, installation of new heavy lift cranes and new derrick for off line activities. The upgrading costs are estimated at approximately $21 million.


Offshore

Onshore Spending on the Cusp of Recovery?

DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1495 sec (7 req/sec)