Total Hires ‘Prospector 5’ Rig for North Sea Drilling

Prospector Offshore Drilling S.A. has executed a contract with Total E&P UK Limited and Elf Exploration UK Limited for offshore drilling services in the North Sea with its jack-up rig, “PROSPECTOR 5”.

The Contract has an initial firm duration of 1095 days and Total will have the option to extend the initial firm duration by two periods of 12 months each.

The total aggregate revenue for the initial 1095 day Contract is estimated to be approximately USD 249 million, including mobilization fee. The drilling program is expected to start in late second quarter or early third quarter of 2014, following the delivery of PROSPECTOR 5 from the Shanghai Waigaoqiao Shipbuilding Co., Ltd. shipyard in China, which is expected to occur in March 2014.