Shell will charter a Sedco 700-series semisubmersible drilling rig for 3 years with an additional 2-year option in return for Transocean's pledge to upgrade the rig at a cost of US $300 million. Shipyard work should be completed in May 2007. The contract will generate some $385 million in revenues for the drilling contractor. The upgrade adds dynamic positioning and a water depth capacity to 6,000 ft (1,829 m) to the rig's specifications.
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