Oil and gas exploration and development company Cairn Energy Plc (CNE.L) Monday said it has secured a long term contract with Transocean LTD(RIG) for the 'Cajun Express' drilling unit.
The Cajun Express is a deep-water, 5th Generation, dynamically positioned, semi-submersible drilling rig with shallow mooring capabilities and a 15,000 psi bop stack. According to the company, the historic performance of the Cajun Express indicates it is a highly efficient rig with low operating downtime.
Cairn said the rig, which is on an initial one-year contract, will be used on its planned multi-well frontier exploration program in Senegal, Morocco and potentially other areas.
Cairn operates two exploration permits offshore Morocco. The company has farmed-in as Operator to three blocks offshore Senegal, subject to regulatory approval.
The company said the rig will be mobilised to begin operations for Cairn, offshore Morocco on the Foum Draa licence in second half of 2013, subject to obtaining the necessary approvals.
In London, Cairn shares are currently trading at 290 pence, down 3.60 pence or 1.23 percent.
In pre-market trading on the NYSE, Transocean shares lost $0.43 or 0.85 percent, and are currently trading at $50.08.
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