Spare capacity in the North Sea fleet is increasingly becoming a thing of the past as most rigs are securing contracts that will keep them working-through 2006 and beyond. Operators who have not yet chartered a unit for their upcoming work will have to postpone their plans to a-later date, or try obtain sublet slots on rigs that are otherwise committed. NORWAY: Statoil, on behalf of a consortium consisting of Statoil, Eni, Norsk Hydro and Shell has awarded multi-year contracts worth USD 700 million for Transocean semis Transocean Arctic aad Polar Pioneer covering work off Norway. Transocean Arctic has been awarded an estimated 50-month contract that is expected to commence in the third quarter of 2006 after the rig's current contract, with Statoil. Revenues of approximately USD 395 million could be generated. Polar Pioneer has awarded an estimated 36-month contract for exploration, development and HPHT wells and Barents Sea operations. This will commence around April 2006 after the rig's current Statoil contract. This contract could generate revenues of approximately USD 306 million.
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