COMPANY NEWS
Polar finished the installation of the two platform derricks for Statoil offshore Brazil in November 2010. The unfortunate downturn in offshore drilling in the Gulf of Mexico due to the government imposed moratorium has resulted in the stacking of several shallow water jack up rigs. The far sighted owners of these rigs have already begun making repairs and modifications while the rigs are off day rates in order to be ready to return to work as soon as the drilling industry catches fire again. The smart drilling contractors that get the repairs and modifications made during the slack times are ready to go when the time comes and the ones that are not ready will lose valuable day rates while waiting for the necessary repairs. When the industry gets hot again all the contractors that perform the repairs will be overwhealmed and harder to get.
PERIGRINO PROJECT
STACKED RIGS
