Transocean Sedco Forex announces contract extension Contracts, Tenders and Rates
// August 11, 2000
Transocean Sedco Forex has announced announced that one of its operating subsidiaries has received a one-year contract extension from BP Amoco for the semi-submersible drilling rig Transocean Leader.
The one-year extension is expected to commence during March 2001, and will generate revenues of approximately $45.6 million. BP Amoco possesses two, one-year options allowing for further extension of the contract at its discretion. The day rate for thefirst optional year is pre-set, while the second optional year day rate is subject to negotiation.
The Transocean Leader is capable of operating in water depths of up to 4,500 feet. The rig is one of 42 semi-submersibles in the Transocean Sedco Forex fleet, and currently operating for BP Amoco west of the Shetland Islands in the North Atlantic Ocean.
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