By OGJ editors
HOUSTON, Feb. 26 -- Neptune Marine Oil & Gas Ltd., Nicosia, has agreed to buy the Atlantic Venture semisubmersible drilling rig, former Sedco 708, and plans to reactivate it.
It signed a memorandum of agreement with Cypriot-based Zelie Industrial Ltd. to buy the rig, which was built in 1977, for $67 million. Transocean Inc. removed the Sedco 708 from its fleet in 2003.
Neptune Marine, a subsidiary of Jasper Investments Ltd., plans to refurbish the unit for work as a dynamically positioned semi able to drill to 25,000 ft in 5,000 ft of water.
The 345 ft by 245 ft vessel will have maximum displacement of 16,519 tonnes, displacement lightship of 9,307 tonnes, and variable load of 4,500 tonnes.
The agreement calls for Neptune Marine to take delivery of the semi in Cape Town, South Africa, by Apr. 7.
Previously, Neptune Marine acquired for upgrade two drillships, the Neptune Discoverer and Neptune Explorer (OGJ, May 8, 2006, p. 43).
