The day rate we are receiving for the Athena might be of a major...

The day rate we are receiving for the Athena might be of a major discount because of two important factors.

1.State of the art Gen 7, should be much more efficient than the old girl(Cajun), not even three drills old, and has the capabilities of all processes we require from one vessel in an appraisal program.

2.COP has major negotiating power, the fact that the lease has been taken up over three years, opposed to CNE opting for a twelve month deal, will have also significantly lowered the cost.

One has to wonder what purpose COP had in signing such an extensive lease, as in March 2014 and even after the 99 day test to contract, Senegal FAN had still yet to announce a discovery. Anyways, all minor teething problems should be well and truly sorted out come SNE-2 and there after, and the fact the rig is contracted till march 2017, if Senegal carries the volume we want to believe, and it truly excites COP, A lot of reserves can be proved up in 18 months.