This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Transocean Ltd. Announces Ultra-Deepwater Semisubmersible Rig Development Driller III Begins 7-Year Drilling Contract for BP 2009-11-25 09:00 ET - News Release ZUG, Switzerland, Nov. 25, 2009 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG) announced today that the newbuild ultra-deepwater semisubmersible rig Development Driller III has commenced operations in the U.S. Gulf of Mexico for a subsidiary of BP p.l.c. (NYSE:BP) under a seven-year drilling contract.
The dynamically positioned Development Driller III is one of 23 Ultra-Deepwater Floaters in the Transocean fleet. The rig features advanced offshore drilling technology, including a motion-compensated winch capable of deploying subsea assemblies to the seabed, a high-pressure mud-pump system, an advanced mud system design, a variable deckload of 7,000 metric tons and Transocean's patented dual-activity drilling technology, allowing for parallel drilling operations designed to save time and money in deepwater well construction, compared with conventional rigs. The rig is equipped for drilling in water depths up to 7,500 feet, upgradeable to 10,000 feet, and equipped for drilling wells up to 35,000 feet total depth, upgradeable to 37,500 feet.
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