West Africa is expected to record an undersupply of floaters well into 2008. As the rig shortage persists, operators can do little else but postpone their programs. The incumbent jackup market is not able to meet demand either, therefore the area is becoming a target for newbuild jackups looking for term work. SOUTH KOREA/INTERNATIONAL/WEST AFRICA: Seadrill confirmed that, following the issue of an LOI in October 2006, ExxonMobil has signed a three-year contract for the charter of newbuild drillship West Polaris for international exploration activities. Estimated contract value is around USD 570 million. Around one third of the contract will be taken up by other operators, primarily Ophir Energy, which operates acreage off Equatorial Guinea, Gabon and Tanzania. West Polaris is currently under construction at Samsung Shipyard in South Korea and is scheduled for delivery at the end of the second quarter 2008.
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