You are correct in your calculation, however, you will need to deduct the cost of operating the rig which will be higher than that of a jackup, roughly 350k per month. That day rate is also subject to the type of operation going on each day. The majority of the days will be at 100% dayrate, however, if the rig is moving or doing an operation which doesn't require certain equipment to be used, then they will get 98% of the operating rate. As for the management fees, I would tag on another 15% for that versus a jackup as the dayrate for personnel operating these are much higher. Also, another thing to calculate in would be a downtime percentage, roughly 10% to 15% or more depending on how well they commission the equipment before going to work. Hopefully everything works right straight out of the shipyard, then it will be nothing but revenues from there. I was on one rig that we took out of the shipyard, we were on downtime for a whole month in the beginning due to problems with the BOPs. So what I am trying to say is, they may have to work out some bugs when starting operations which is to be expected as the equipment will be put under a work out which it did not see in the shipyard. Drilling conditions putting everything under a big load, that's when you know whether you have any problems or not. Anyway, I hope I have helped answering some of your questions.
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