The company also has received the commitment of a long-standing customer to execute a three-year drilling contract upon the rig’s delivery, which is expected in June 2008.
The cost of the rig, including a top drive, an air circulation system for underbalanced drilling, tubulars, handling tools and crew quarters that are not being supplied by IDM, is approximately $17 million.
Christopher Strong, president and CEO of Union Drilling, said: We have worked closely with the engineers at IDM to make certain modifications to their standard quicksilver drilling system that we believe will make this rig highly effective for this market. Although it is not an immediate customer requirement, this rig also will be configured to support pad drilling, where multiple well bores are drilled from the same location.
