Cairn Energy, the FTSE 250 oil and gas group, has secured a long term contract with Transocean for the Cajun Express drilling unit.
The rig, which is on an initial one-year contract, will be used on Cairn's planned multi-well frontier exploration programme in Senegal, Morocco and potentially other areas.
Operations will take place offshore Morocco on the Foum Draa licence in the second half of this year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The deep-water rig also has shallow mooring capabilities, and its performance to date indicates that it is a highly efficient rig with low operating downtime, the group said.
NR
