CANADIAN company High Arctic Energy Services has advised that its Rig 115 has started drilling operations in the Gulf under a two-year contract.
Although the rig has been generating revenue since late March, the take-or-pay contract term commenced with the spudding of the first well on Monday.
Chief executive officer Tim Braun said: “We are pleased to have Rig 115 operational in PNG, as this rig represents a significant increase to our service capabilities in the country.
“With the imminent deployment of Rig 116 from Houston, we anticipate the additional revenue generated from these rigs operating in PNG to significantly contribute to the profitability of the company going forward.” Rig 116 has completed its refurbishment and upgrading in Houston, and is currently being prepared for shipment to Papua New Guinea.
It was anticipated the rig would arrive into the country in late August, and once drilling commences it too will be operating under a previously announced two year term take-or-pay contract.