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 May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator on Friday voted to remove limits on how many blocks companies can bid on in the first 14 shallow water exploration contracts up for grabs later this summer.

Study Targets Improved Subsea Mattress Salvage

Subsea mattress research announced at decommissioning event   Independent multi-discipline subsea engineering and training firm Jee Ltd. has completed a contract with Decom North Sea (DNS),

Lerwick Port Promoting Shetland Fishing Industry

The importance of investment in the Shetland fishing industry has been highlighted today by Lerwick Port Authority Chief Executive, Sandra Laurenson. The industry – white fish,

Environmental

Crowley’s 2nd LNG ConRo Ship Ahead of Schedule

Shipbuilder VT Halter Marine, Inc. announced construction has started early for the second liquefied natural gas (LNG)-powered ConRo ship, Taíno, for Crowley Holdings, Inc.

Overnight Cruise Ship Visits Suspended in White Bay

The New South Wales (NSW) Port Authority has suspended all overnight cruise ship visits to White Bay until the NSW Environment Protection Authority (EPA) has regulated

ISS, Brightwell Introduce Onboard Cashless Payment System

Inchcape Shipping Services (ISS), the world-leading marine, cargo and supply chain solutions provider, has teamed up with Brightwell Payments, Inc. to introduce

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair 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: 0.1184 sec (8 req/sec)