LONDON (Thomson Financial) - Exploration and production company Coastal En
ergy Company said it has signed a 12-month drilling contract with Swiber Offshore Drilling Pte Ltd for the drilling of production, appraisal and explorations wells in the offshore G5/43 block in the Gulf of Thailand.
Drilling is expected to commence in March 2008 with two to three production test wells on the Bua Ban field, the company said.
The 12-month contract is extendable for an additional 12-months and will enable Coastal Energy to drill, test and complete an average of two wells per month at a rig cost of about 65,000 usd per day compared to the jack up rates in Asia that average 200,000 usd per day.
Swiber Offshore Drilling Pte Ltd is a wholly owned subsidiary of Swiber Holdings Ltd, a publicly listed company based in Singapore that specialises in offshore drilling, engineering and construction.
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