The Venezuela joins the Sea Explorer, a Pride midwater semisubmersible also under contract to OGX. Revenues which could be generated over the one-year term of the Venezuela contract total approximately $71m.
While the Venezuela and Sea Explorer are working concurrently, the rate for the Venezuela will increase to $265,000 a day, while the rate for the Sea Explorer will be adjusted to $265,000 from $335,000.
The Pride Venezuela is one of six midwater semisubmersibles in the Pride International fleet. The rig is a conventionally moored unit, and is capable of operating in water depths of up to 1500ft, the company said.
