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] The company was founded in 1966 in as Pride Oilwell Service Company. In 1978, the company was acquired by Dekalb Corporation. In August 1988, the company was spun out as a . In 1996, the company acquired Quitral-Co. Saic, the largest drilling contractor in , for $140 million. It also acquired Forasol-Foramer. It also sold its land based operations.
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