Following the upgrades in Singapore, the drilling rig will start operations in the third quarter of 2011, and Petrobras may extend the contract for up to 950 additional days at jointly agreed rates.
The price for the rig per day is $320,000, subject to adjustments based on changes in operating costs.
The contract stipulates that if the rig works in waters more than 1,500m deep, Ensco will receive an extra $200 per meter/per day.
The offshore rig contractor can receive up to a 5% performance bonus on the day rate, and will receive a $19m fee for mobilization and equipment upgrades.
Ensco chairman, president and CEO Dan Rabun said that Brazil’s deepwater reserves are among the largest in the world and the company seeks to expand its presence in this growing market.
