Stone Energy hires ENSCO 8503 rig for GoM work

Stone Energy Corporation has entered into an agreement to contract the ENSCO 8503 dynamically positioned deep water drilling rig for Stone’s multi-year deep water drilling program in the Gulf of Mexico. 


The primary contract term is for 30 months and is expected to start during the second quarter of 2015 at a rate of approximately $350,000 per day.  The contract permits Stone to exercise options to extend the term up to an additional 12 months.  Subject to notification no later than March 31, 2015, Stone may reduce the 30 month primary term contract by up to six months.

The ENSCO 8503 deep water drilling rig, which will be modified to include mooring capabilities prior to the beginning of the contract, can reach a maximum drill depth of 35,000 feet in up to 8,500 feet of water and holds the record for the deepest well drilled in the Gulf of Mexico.

Chairman, President and CEO David Welch stated, “We are excited to execute our first Stone-operated multi-year deep water drilling contract.  Over the past five years, with great effort and diligence, we have developed a robust deep water prospect inventory and the signing of the ENSCO 8503 allows us to further harvest the potential of these prospects. This contract will allow Stone to better control the pace of execution of our deep water drilling plans, which includes both development and exploration projects.  We look forward to having Ensco, a premier deep water drilling contractor, as our partner in this multi-year program.”

“We are very pleased to expand our relationship with Stone Energy, a repeat customer of our ENSCO 8500 Series semi-submersibles,” said Ensco’s CEO and President Carl Trowell. “ENSCO 8503 has an excellent safety and operating record, and we look forward to supporting Stone Energy with their deepwater drilling program.”

 

Press Release; Image source: Tullow Oil

 

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply