History and Future Strategy of Oando
Summary of Rig Contracts
Passion
Operating Rate with Drill Pipe (US$)
Low $90,000s for extension period
Respect
Oando
Low $80,000s for initial term
Term of Contract
Early Termination Provision (US$)
2 years with optional 1 year extension
Shell Petroleum Development Company
(SPDC) suspended the contract after the
initial 2 year term. The contract was re-
activated in June 2015 for an additional
six month term which ends in December
2015. There is a possibility of SPDC
extending for an additional 6 months.
Not applicable during the extension
period
2 years with optional 1 year extension
⚫ Chevron Nigeria Limited (CNL)
contracted the rig in October 2015 for
its swamp drilling campaign. The CNL
contract is for 2 firm years with a
possibility of extending for an additional
year.
Not applicable
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