To All: FWIW
Texaco , Falcon enter drilling pact
December 23, 1997 06:11 PM
HOUSTON, Dec 23 (Reuters) - Texaco Inc and Falcon Drilling Co Inc said on Tuesday that they entered a contract for Texaco to use Falcon's Peregrine VIII, a deepwater drillship capable of operations in 8,000 feet of water.
The contract provides for a primary term of three to five years, as elected by Texaco prior to delivery, the company said. Additional details of the agreement were not disclosed.
Falcon will convert the Kassos, a 921-foot oil bulkore carrier with a displacement of 135,000 tons. The unit, which is expected to be ready for service in mid-1999, will have oil storage capacity in excess of 300,000 barrels, the companies said in a joint statement.
Texaco Exploration President Bruce Appelbaum said in a statement, "The addition of the Peregrine VIII to the fleet of deepwater rigs under contract to Texaco will enable us to pursue our aggressive plans to quickly and cost effectively evaluate Texaco's high potential deepwater acreage off the coast of West Africa."
Texaco currently holds an interest in more than 7.3 million acres in water depths in excess of 1,300 feet off the coast of West Africa.
((--New York Newsdesk -- 212-859-1610)) REUTERS |
