Forgive me if this has been posted but it shows you the value that is seen in deep water exploration.
Noble inks $4B in Petrobras contracts Houston Business Journal
* Noble inks $4B in Petrobras contracts [03/31/2008] * Noble divests Argentina interests [12/27/2007] * 2007 Heavy Hitters [05/14/2007] * > More Search Results
Sugar Land-based oil drilling contractor Noble Corp. has secured a deal with Brazilian state oil company Petroleo Brasileiro SA (Petrobras).
The company signed a memorandum of understanding for contracts valued at $4 billion for its five deepwater rigs currently operating offshore Brazil.
The contract also covers upgrades costing about $175 million each to Noble's three drillships.
Petrobras has agreed to pay $90,000 a day every day each ship is not in service, Noble Chief Executive Officer David Williams said. Work will begin once the contracts are finalized.
Noble (NYSE: NE) also has a deepwater semisubmersible under a five-year contract with Petrobras beginning in 2009.
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