The South American floater market is expected to be undersupplied by a total of around five rigs during 2008. Increased demand and long-term fixtures from Petrobras and Pemex will make it harder for international oil companies to fill their requirements. Additional jackup demand in the region is expected to continue to draw on U.S. Gulf capacity. IVORY COAST/MEXICO: PEMEX has awarded Crosco a 549-day commitment that will commence around February 2008. Semi Zagreb 1 will be towed from West Africa across the Atlantic Ocean around August or September this year to undergo a refurbishment program prior to starting the new contract. No location has yet been decided for the yard program. Before leaving West Africa, Zagreb 1 will start a one-well program with Edison in July, but it is understood a second well might be added if timing permits. The rig is presently anchored off Malabo, Equatorial Guinea. The unit is now committed until third quarter 2009.
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