Cobalt plans to use the rig to drill its North Platte #1 exploratory well. The company expects Anadarko to make the rig available to Cobalt on or about May 1, 2010, depending upon when the current assignee of the rig concludes its designated drilling operations.
Cobalt also has an option to use the rig to drill a second well. The company committed to use the rig for a minimum of 75 days at a day rate of approximately $440,000.
Headquartered in Houston, Texas, Cobalt is an independent oil exploration and production company focusing on the deepwater US Gulf of Mexico and offshore Angola and Gabon.
