Ensco has entered into a 950-day drilling contract with Petroleo Brasileiro (Petrobras) for 'ENSCO 7500', a fifth generation ultra-deepwater semisubmersible drilling rig that has operated for more than 10 years in the major offshore markets of Australia and the US Gulf of Mexico.
Following upgrades to the rig at a shipyard in Singapore, 'ENSCO 7500' is scheduled to commence operations in third quarter 2011. Petrobras may extend the term for up to 950 additional days at mutually agreed rates.
The day rate is US$320,000 under the new contract, subject to adjustments based on variances in operating costs. In addition, should the rig operate in water depths greater than 1,500 metres, the day rate increases by an additional $200 per metre/per day.
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