Transocean Inc. to Reactivate Semisubmersible Rig C. Kirk Rhein

Monday, April 17, 2006
Transocean Inc. said that Reliance Industries Limited has awarded a two-year contract for the semisubmersible rig C. Kirk Rhein, Jr. for drilling operations offshore India. The contract is expected to commence in December 2006 following the completion of a reactivation program, which has recently begun. The reactivation program does not involve an upgrade of the rig's current capabilities. Revenues that could be generated over the two-year contract period total an estimated $248 million, excluding revenues for mobilization, demobilization and client reimburseables. The C. Kirk Rhein, Jr., which entered active service in 1976 and was upgraded to its current specifications in 1997, has been idle in the U.S. Gulf of Mexico since March 2002. The company estimates a cost of $38 million to reactivate and mobilize the rig, comprised of approximately $22 million of period expenses, to be recognized as incurred and largely expected during the second and third quarters of 2006, deferred expenses of $8 million, to be amortized over the two-year contract, and capital expenditures of $8 million, to be depreciated over the remaining useful life of the rig. The C. Kirk Rhein, Jr. is the third reactivation of a Transocean Other Floater (mid-water unit) over the past 10 months, following the commencement of programs during the second half of 2005 for the semisubmersible rigs Transocean Prospect and Transocean Winner, which are expected to be completed in June and August of 2006, respectively.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Seadrill Hopes to See Market Turn in 2017

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017.   Rig rates have more

Eni Arctic Service Rig Extension Okayed

Italian oil company Eni has received permission from Norway's Petroleum Safety Authority to extend the use of a service rig on its troubled Arctic Goliat oil field offshore Norway until Nov.

Oil Spill Statfjord North Sea Field - Statoil

Loading of tankers suspended, unclear when it will resume. Oil spilled into the North Sea during the loading of a tanker at Norway's Statfjord field on Thursday, operator Statoil said.


Friendship to Green Ships

Korea and Denmark both have ambitious national plans for a transition to greener and more energy efficient economies.    The Danish-South Korean Green Growth Alliance met for roundtable talks.

EfficienSea2 Rolls out Maritime Cloud

The Danish-led e-navigation project, EfficienSea2, got one step closer to being launched when a core element of the project – Maritime Cloud – was debated by a

Collision Course with a Hurricane: How Doomed US Ship Met its End

The ill-fated U.S.-flagged El Faro cargo ship sunk by Hurricane Joaquin was sailing at near full speed into the center of the storm before it lost propulsion amid mountainous waves and brutal winds,

Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.3547 sec (3 req/sec)