The Stena is doing the job!, page-5

"...management's determination to maintain a professional and quality approach, in this case by using such a proven resource, is applauded."

It certainly is, dodds, and while securing the Stena Drillmax is a (giant) win for FAR, it is also difficult to ignore the feel good story for Stena in which FAR is now writing a chapter.

According to an article written back in March, Stenna admitted that:

"...it was planning to reduce its headcount by up to 128 on three drillships – the Stena Forth, Drillmax and Icemax – ... due to an oversupply of rigs in the market."


... and went on to say that:

“We were facing a redundancy process, that has now been put on hold and if we get the contracts that we are hoping to obtain we might be in a position to rehire later in the year"

It's always nice to see 'hope' translate to reality. Awarding the Samo drilling contract to Stena saved many jobs (at least for the foreseeable future) filled by proven talent. It feels good to be a part of their ongoing stabilisation effort, and I'm quietly confident that Stena's elephantine memory will remember FAR throwing them a lifeline in choppy waters and continue to furnish them with competitive rates and safe, efficient drilling... you know, for the subsequent Samo appraisal campaign! (my COS is obviously a lot higher than 55%...)


gh.