Going by this statement from there website BHP already have the drill rig.
In Service Contract 55, the joint venture has elected to enter the fourth sub-phase which requires a commitment well to be drilled prior to August 2012. Planning has commenced for the drilling of an offshore deepwater well at the Cinco prospect in Q2 2012. Otto is working with farm-in partner BHP Billiton who is carrying Otto’s share of expenditure on the drilling of Cinco well, to determine the 2012 work program. BHP Billiton have the Transocean Deepwater Expedition, a 5th generation rig, under contract which will be utilised for the drilling of this well.
cinco, page-3
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