TODCO Announces Signing of Three-Year Malaysian Contract
09 März 2007 - 6:25PM
PR Newswire (US)
HOUSTON, March 9 /PRNewswire-FirstCall/ -- TODCO (the "Company")
(NYSE:THE) today announced the signing of a three-year drilling
contract for its drilling rig, THE 208. The rig, a 200-foot
mat-supported cantilevered jack up rig, was constructed in 1980 and
has been cold-stacked in Trinidad since March, 2002. The rig is
currently being transported to a shipyard in Southeast Asia where
it will undergo an extensive shipyard reactivation and upgrade that
will include conversion from a mechanically driven rig to a
conventionally powered SCR rig. Since we are in the process of
finalizing bids from several shipyards the final reactivation and
upgrade costs as well as the exact timing for reactivation of THE
208 remain uncertain. However, it is anticipated that the rig will
begin drilling operations through a local contractor by the end of
2007 for Murphy Sarawak Oil Co., Ltd. ("Murphy Oil") to develop the
Sarawak area offshore East Malaysia. Total revenues from the
three-year term of the contract are anticipated to be approximately
$130 million. Jan Rask, President and Chief Executive Officer, said
"We are very pleased with the signing of this contract for THE 208
and the work it will be doing for Murphy Oil. This contract is the
result of our recent emphasis to market our mat-supported equipment
in selected international markets and we look forward to working
with our local contractor and Murphy Oil in Malaysia." Statements
regarding the reactivation of our THE 208 rig, anticipated
revenues, as well as any other statements that are not historical
facts in this release are forward-looking statements within the
meaning of U.S. securities laws and involve certain risks,
uncertainties and assumptions. These include, but are not limited
to, general market conditions, estimated reactivation and
mobilization costs, estimated reactivation and mobilization times,
contract performance, governmental actions and other factors
detailed in TODCO's filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated. TODCO is a
leading provider of contract oil and gas drilling services with the
largest rig fleet in the shallow water of the U.S. Gulf of Mexico
and along the U.S. Gulf Coast. TODCO's common stock is traded on
the New York Stock Exchange under the symbol "THE". DATASOURCE:
TODCO CONTACT: Dale Wilhelm, Vice President & CFO of TODCO,
+1-713-278-6014 Web site:
http://www.theoffshoredrillingcompany.com/
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