The program consists of four wells at an operating day-rate of approximately $115,000 and shall have a minimum duration of 210 days.
The rig is expected to complete its current commitment with Edison International, in September 2010 offshore the Ivory Coast. The rig will then be mobilized to Suriname via Trinidad.
The operators will pay a lump sum mobilization of $4.5m to Trinidad, and will pay a day-rate of approximately $110,000, plus tugs and fuel, for the estimated seven days required to mobilize from Trinidad to the first well location in Suriname.
The expected total duration of the mobilization period is approximately 30 days. Upon completion of the program, the operators will de-mobilize the rig to Trinidad at a day-rate of approximately $110,000, plus tugs and fuel, and will additionally pay a lump sum de-mobilization of up to $7.8m depending on the location of any follow-on work; provided, however, neither the day-rate nor the lump sum will be paid if the rig has follow-on work within 800 miles of the last drilling location.
The operator group presently consists of Murphy Suriname Oil Company, Repsol Exploration, and Teikoku Oil (Suriname) (Inpex), (collectively hereinafter referred to as operators).
