Perhaps someone can explain this press release to me [July 17, 1997 10:50 AM]. It sounds as though after Amoco is drilled, TOFF gets to use Shoemaker for its own purposes. But what would be the typical time-frame for this usage? Thoughts?
RIGCO North America, L.L.C. Announces New Drilling Contract With Shell Offshore Inc. HOUSTON, July 17 -- RIGCO North America, L.L.C. announced today a one-year agreement with Shell Offshore Inc. for
the semisubmersible drilling unit Bill Shoemaker. The Bill Shoemaker is currently en route to offshore Newfoundland under contract to
Amoco Canada Petroleum Company, Ltd. for a two well drilling program in the Grand Banks area following completion of an extensive
upgrade and winterization program that will allow the rig to work in environmentally harsh environments. The arrival of the Bill Shoemaker in the Grand Banks area will mark the first operations by a semisubmersible drilling unit in that area since the early 1990's. In addition, while the drilling rig is in the Grand Banks area, Tatham Offshore, Inc., an affiliate of RIGCO North America, L.L.C., has an option to drill another well in the area upon completion of the Amoco contract. Shell will have the unit remobilized to the Gulf of Mexico upon completion of the contractual commitments for the rig in eastern Canada. Shell has an option to extend the one-year contract for an additional six-month period at mutually agreed rates.
The Bill Shoemaker is owned by RIGCO and operated under a management agreement by Sedco Forex Division of Schlumberger. RIGCO is a wholly-owned subsidiary of DeepTech International Inc. DEEP , a diversified energy company. DeepTech has a 37% ownership interest
in Tatham Offshore, Inc. TOFF , whose wholly-owned subsidiary, Tatham Offshore Canada, Ltd., is the Canadian representative of North
Atlantic Partners, L.P. North Atlantic is the sponsor of a proposal to build an offshore pipeline from the Grand Banks area of Newfoundland
to New England. DeepTech also has an effective 23.2% interest in Leviathan Gas Pipeline Partners, L.P. LEV . SOURCE DeepTech
International Inc. |
