Contango Operations has exercised its option to award another well to Atwood Oceanics’ Richmond rig currently in the US Gulf, with a dayrate of $85,000.
Atwood said current contract commitment included the drilling of the current well at a day rate of $75,000, estimated to be completed around mid November followed by the drilling of another well at a day rate of $78,000. Contango has assigned the $78,000 day rate well to Newfield Exploration. The Newfield well has an estimated duration of three months. Immediately upon completion of the drilling of the well for Newfield, the Richmond will begin drilling the $85,000 day rate well for Contango, which is estimated to take around 60 days to complete. Contango has also been given an option to drill one additional at a day rate to be negotiated.
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