Estimated contracted revenues related to the three-year contract term and five-year contract term, if elected, are approximately $558.5 million and $894.3 million, respectively, depending on the date of execution of conversion.
Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period, excluding revenues for mobilization, cost escalations, customer reimbursed equipment and miscellaneous adjustments.
The contract term is expected to commence in the first quarter of 2010 following the completion of the rig’s current contract. The approved contract is expected to be executed by subsidiaries of Petrobras and Transocean at least 90 days prior to the rig’s arrival in Brazil.
