Kosmos Energy Contracts for West Africa Drilling Capacity.DALLAS -- Kosmos Energy announces today that through an affiliate it has entered into agreements with West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. Drilling N.V., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Mike Mullen Energy Equipment Resource, Inc., and Aban Singapore Pte. Ltd. (Aban), a wholly owned subsidiary of Aban Loyd Chiles Chiles is a surname, and may refer to:
Aban will upgrade the dynamically positioned drillship in a Singapore shipyard to operate in water depths up to 6,000 feet. Total project costs are an estimated US$180 million to US$200 million. The vessel is scheduled to reenter re·en·ter also re-en·ter v. re·en·tered, re·en·ter·ing, re·en·ters v.tr. 1. To enter or come in to again. 2. To record again on a list or ledger. v.intr. service in mid-2007 and initially will drill wells for Kosmos offshore West Africa. "This agreement provides Kosmos Energy with the capability to execute a portion of our exploration and drilling programs in West Africa," said James C. Musselman, Kosmos Chairman and Chief Executive Officer. "We are excited about the opportunity to expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. the drilling of our sizable and growing acreage position. "E&P companies must take this type of initiative to realize success, especially in today's marketplace. Rigs are in tight supply, a condition that industry experts forecast will continue for an extended period," Musselman added. Aban will operate the "Peregrine III," which will be renamed "Aban Abraham," under terms of a drilling contract with Kosmos. West Africa Drilling N.V., which purchased the "Peregrine III" from Transocean, recently was sold to Aban. About Kosmos Energy: Kosmos Energy is a privately held international oil exploration and production company with a focus on West Africa. Kosmos is led by a seasoned management and technical team with extensive international and West Africa experience, and a proven record of finding and developing significant oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally . With the financial backing of international private equity investors Warburg Pincus Warburg Pincus is a private equity firm with offices in the United States, Europe and Asia. It has been a leading private equity investor since 1971. The firm currently has approximately $14 billion under management, and invests in a range of industries including information and and Blackstone Capital Partners, the company possesses significant financial and operational capability to generate and participate in multiple high-impact upstream projects. For additional information, visit www.kosmosenergy.com. |
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