Prospector Offshore Drilling S.A. (PROS) has announced today that their newbuild Freide & Goldman JU2000E jack-up rig, Prospector 5, has been awarded an contract with Total E&P UK Limited and Elf Exploration UK Limited (“Total”) for offshore drilling services in the North Sea.
The contract has an initial firm duration of 1095 days and Total will have the option to extend the initial firm duration by two periods of 12 months each. The total aggregate revenue for the initial 1095 day contract is estimated to be approximately USD $249 million, including mobilization fee.
The drilling program is expected to commence in late second quarter or early third quarter of 2014, following the delivery of Prospector 5 from Shanghai Waigaoqiao Shipbuilding in China, which is expected to occur in March 2014.
PROS currently has contracts in place for the design, construction and delivery of six JU2000E high specification, harsh environment jack-up drilling rigs, plus option agreements for the construction of three additional rigs of the same design.