The Northwest European rig market continues to enjoy full utilization, but due to a lack of rig availabililty and delivery constraints on equipment, the market is experiencing a lull in chartering activity. Some informal market checks are being conducted, but as operators are now gearing up to prepare their 2008 budgets, the current chartering inactivity is likely to persist for the time being. IRELAND/FAROES: Eni has secured a deepwater unit to undertake an exploration campaign in the Atlantic Margin. The company will use semi West E-drill to drill two deepwater wells offshore Ireland in late 2008 or early 2009, and possibly one well in the Faroese sector a year later. The slots are part of a rig-share agreement with Total, which last year chartered West E-drill for a three-year firm term plus two one-year options. Total will receive the newbuild around mid-2008, following the rig's delivery from Samsung Shipyard in South Korea and its subsequent mobilization to Norway.
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