sc 63, page-24

Trickster,

Unless there's a rig shortage, most drilling co's would rather have a rig working than stacked. It cost's the drillers money when they're stacked, only earning when they're working.

There is no comparison whatsoever between a land based rig and an offshore rig.

In the case of rig operators charging what they want, the reason given here is the cost of the mob and demob, not the drill.
They want a JU, and the big mob cost with these is usually the heavy lift vessel which more than likely doesn't even belong to the drilling co. Or if it's going to be a wet tow, the time it takes to get there mounts up the cost on the tow vessel, as well as the under tow day rate for the rig.

There is currently an appropriate JU stacked in India (Aban V)...this could even be the $6M mob/demob unit because of distance.
The Hercules 258 is ready stacked in Malaysia, but may not be suitable at only 250ft RWD.
Similarly the Bima is r/s in Malaysia, but probably no good at 150ft RWD.

Another reason the expected spud window may have changed from Dec11/March12, then June/July12, then by Nov12 (and now has to Nov13), is that by their own account, farmin interest in SC63 continues, but they haven't managed to lock anyone in yet.

What if they still haven't locked in a JVP on this by say this time next year? DOE's going to end up putting their foot down at some point.

With the commitments they have over all their blocks, I certainly don't expect the money situation to get any better before Galoc ph II starts earning, and that my friend will be at least a year away.

Viking may be a saving grace, but with every day elapsed and no word, it starts to look more and more like hot air.