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In the floater rig market, demand for semisubmersibles and drillships possessing intermediate water depth drilling capabilities, defined as up to 3,500 feet, is expected to remain weak in most regions, with a pronounced reduction in demand expected in the U. After retiring all debt, the Company purchased the Midnight Rider, an existing intermediate water depth pipelay/bury barge, and initiated the detailed engineering for the construction of the Midnight Warrior, a fully redundant, dynamically positioned deepwater pipelay and subsea construction vessel. Earlier in 1996 Santa Fe Energy submitted successful bids on 22 lease blocks in the intermediate water depths of the Gulf of Mexico and has now identified 14 exploratory prospects, including the five which will be explored under the agreement with Reading & Bates. |
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