10/12/2021 | Press release | Distributed by Public on 10/12/2021 14:08
The total contract value for the firm portion of the contract is expected to be approximately $42 million and work is expected to commence in Q1 2022 following the completion of its current contract, transitioning the rig to the new Manager, relocation of the rig from Malaysia to Indonesia and contract preparation. The contract is expected to run into mid Q3 2022.
In the event the options are exercised and the work scope is similar to the firm wells, the rig is expected to be available in late Q4 2022 / early Q1 2023 and the total additional contract value is expected to be approximately $37 million.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's regulatory filings and periodical reporting. The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.