Bill,
GLM's CEO said on Thursday morning that at $40k/day (current) they were only at 60% of replacement value, and he drew a surprised response from CNBC anchors. The 116% figure you mention doesn't square with that at all. ??????? Why don't you request a copy of the transcript from CNBC?
Here is a description of jack ups that MDCO gave in the annual report:
"Independent Leg Rig- This type of rig consists of a floating hull with three independent elevated legs. After being towed to the drilling location, the legs are lowered until they penetrate the seabed and the hull is jacked to the desired elevation above sea level."
"Mat Supported Rig- This type of rig consists of a floating upper hull with three legs which are attached to a lower hull commonly referred to as a mat. After being towed to the drilling location, the legs are lowered until the mat contacts the seabed and the upper hull is jacked to the desired elevation above sea level. One advantage of mat supported rigs is the ability to operate in areas having soft seabed conditions where independent leg rigs are prone to have excessive penetration and subject to leg damage."
Some rigs are cantilevered to permit them to operate over existing, fixed platforms or other structures. If you contact MDCO they will send you a copy of their report and it includes drawings of rigs. Hope this helps. Marine Drilling, one Sugar Creek Center Blvd., Suite 600, Sugar Land, TX 77478-3556, 713-243-3000, fax 713-243-3090, whf1@mdco.mhs.compuserve.com
Greg |
