23:15 | 01.12.2010
Cobalt International Energy, Inc. Announces Sub-Let of the ENSCO 8503 Ultra-Deepwater Semisubmersible Drilling Rig
Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced
that a subsidiary of Ensco plc has sub-let the ENSCO 8503, a new
ultra-deepwater semisubmersible drilling rig currently under contract to
Cobalt. The ENSCO 8503 was recently mobilized to the U.S. Gulf of
Mexico, and is scheduled to begin sea trials shortly.
Under the sub-let agreement, once rig acceptance procedures have been
completed in the U.S. Gulf of Mexico, the ENSCO 8503 will mobilize to
offshore French Guiana to commence drilling operations for a subsidiary
of Tullow Oil plc on behalf of itself and its coventurers in the license
(Shell, Total, and Northpet Investments). Acceptance procedures will be
witnessed jointly by Cobalt and Tullow.
Mobilization to offshore French Guiana is scheduled to begin in early
2011. The combined mobilization and demobilization will be approximately
50 days in total and drilling operations in French Guiana are estimated
to be up to three months in duration. During this sub-let period, Cobalt
will be relieved from paying the contracted day-rate and the Cobalt
contract for the ENSCO 8503 will be suspended. Following the sub-let
period, the ENSCO 8503 will return to the U.S. Gulf of Mexico under its
contract with Cobalt.
About Cobalt
Cobalt is an independent oil and gas exploration and production company
focusing on the deepwater U.S. Gulf of Mexico and offshore Angola and
Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas.
Forward Looking Statements
This press release includes “forward-looking statements” within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995 — that is, statements related
to future, not past, events. Forward-looking statements are based on
current expectations and include any statement that does not directly
relate to a current or historical fact. In this context, forward-looking
statements often address our expected future business and financial
performance, and often contain words such as “anticipate,” “believe,”
“intend,” “expect,” “plan,” “will” or other similar words. These
forward-looking statements involve certain risks and uncertainties that
ultimately may not prove to be accurate. Actual results and future
events could differ materially from those anticipated in such
statements. For further discussion of risks and uncertainties,
individuals should refer to Cobalt’s SEC filings. Cobalt undertakes no
obligation and does not intend to update these forward-looking
statements to reflect events or circumstances occurring after this press
release. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in their
entirety by this cautionary statement.
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