In its fleet status report issued this week the company has said it is preparing the rig for cold stacking, meaning the rig will be idled, crew let go, and all the hatches welded, cutting the costs to a minimum.
[pdf] The current status of the rig fleet is illustrated below: The idle Borgland Dolphin remains a financial drag, incurring daily operating expenses of USD 26,000 while generating no revenue. Management continues to actively market this rig from its current location in Las Palmas.
[pdf] A rotary drilling rig works by rotating a drill string, which applies downward pressure to a drill bit that grinds the earth. Drilling fluid or air is pumped down the drill string to cool the bit, carry cuttings to the surface, and stabilize the borehole.
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