The Asia Pacific region has been relatively quiet of late with little chartering activity going on. Current demand for floaters will be more or less matched with current supply, while the surplus in the jackup market is expected to increase from just under three rig years in 2007 to around nine rig years in 2008. INDIA/USA GULF OF MEXICO: Scorpion Offshore has been awarded a Letter of Intent by Cairn Energy for the charter of newbuild jackup Offshore Courageous for operations offshore India beginning in the third quarter of 2007. The contract covers four wells with an estimated total duration of 120 days plus one option for four additional wells. The estimated contract value ranges from USD 35 million to USD 58 million, depending on the number of option wells drilled. Anticipated contract start-up is early September 2007.
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