Coastal Hires Atwood Manta Jack-Up Rig (Thailand)

Coastal Energy Company has signed a contract with Atwood Oceanics, Inc. for the Manta jackup rig for its operations in the Gulf of Thailand and offshore Malaysia.

Under the contract, Coastal will pay a $145,000 day rate over the 12 month firm period. The rig is expected to be delivered to Coastal by late November.

Randy Bartley, President & Chief Executive Officer, commented:

“We are pleased to announce the signing of this contract with Atwood and are eager to commence drilling with the Manta later this year. The addition of a second drilling rig is an important milestone for Coastal, as it will allow us to conduct our development and exploration programs simultaneously. Given the active drilling program that we have outlined, we believe a two rig program is an appropriate step toward unlocking the value of our highly prospective asset base.”

The Atwood Manta is Pacifi c Class 400 Ultra-Premium Jack-up unit rated to work in up to 400 feet of water. Attributes of this rig include, 75 feet cantilever, accommodation for 150 persons, three 2,200 horsepower mud pumps, 7,500 psi high pressure mud system, 18 ¾” 15,000 psi BOP, derrick and associated traveling equipment rated to 1,500 kips, and offline tubular/casing make-up capability. The rig is capable of jacking with full pre-load and making in-fi eld moves with drill pipe in the derrick.

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Offshore Energy Today Staff, October 4, 2012