Drilling Rigs definition

Drilling Rigs means drilling rigs, drillships and other comparable equipment, including the Drillships, owned from time to time by the Company or any of its Subsidiaries.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Drilling Rigs means, collectively, the drilling rigs, the service rigs and the related equipment and assets described in Exhibit B hereto.

Drilling Rigs means the offshore drilling rig "ATENA", and the land rigs "REDENCAO", "SOBERANA", "PROMISSAO" and "NOVA ERA", and related Inventory.

Examples of Drilling Rigs in a sentence

• Any Pool, Association or Syndicate formed for the purpose of writing Oil, Gas or Petro-Chemical Plants and/or Oil or Gas Drilling Rigs.

• The Company shall, not later than the 10th calendar day following receipt of such notice, notify Seadrill if it or any other Company Group Member wishes to acquire any Five-Year Drilling Rig forming part of that business or package of assets in cooperation and simultaneously with the Seadrill Entity acquiring the Non-Five-Year Drilling Rigs forming part of that business or package of assets.

• The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article IV, with respect to the Company’s right of first offer relating to (a) Five-Year Drilling Rigs (as defined herein) that Seadrill might own and (b) limited partner interests of OPCO that Seadrill owns.

• Any Pool, Association or Syndicate formed for the purpose of writing Oil, Gas or Petro- Chemical Plants and/or Oil or Gas Drilling Rigs.

• Subject to Section 9.15 and except as permitted by Section 2.2, each of the Transocean Entities shall be prohibited from acquiring, owning, operating or contracting for any Five-Year Drilling Rigs.

More Definitions of Drilling Rigs

Drilling Rigs has the meaning given to it in the Acquisition Loans Credit Agreement.

Drilling Rigs means the drilling rigs and related equipment, including, without limitation, transportation equipment, acquired by the Partnership as contemplated herein.

Drilling Rigs means the drilling rigs and related equipment, including, without limitation, transportation equipment, acquired by the Partnership as contemplated in the Partnership Agreement.

Drilling Rigs means such drilling rigs or drilling vessels as are from time to time owned by Borrower and as to which there is a valid first priority ship mortgage for the benefit of the Banks securing the Obligations. As of the Closing Date, the Drilling Rigs shall consist of the PHOENIX II (U.S. Official No. 643906), the PHOENIX III (U.S. Official No. 644283), the PHOENIX IV (U.S. Official No. 634728), the FALRIG 85 (U.S. Official No. 604568), and the FALRIG 86 (U.S. Official No. 624764).

Drilling Rigs contained in Section 1.1 of the Credit Agreement is hereby amended by deleting the last sentence thereof and replacing it with the following: As of October 3, 1997, the Drilling Rigs shall consist of the PHOENIX I (U.S. Official No. 641320), the PHOENIX II (U.S. Official No. 643906), the PHOENIX III (U.S. Official No. 644283), the PHOENIX IV (U.S. Official No. 634728), the FALRIG 85 (U.S. Official No. 604568), the FALRIG 86 (U.S. Official No. 624764) and the ACHILLES (U.S. Official No. 643745).

Drilling Rigs means the jackup and platform drilling rigs of the Borrower and its Subsidiaries, together with the related equipment and spare parts.

Drilling Rigs means any rig and/or vessel and/or offshore installation used for a PROJECT including, but not being limited to, drill ships, ▇▇▇▇-up rigs, mobile drilling rigs, mobile offshore production units, semi-submersible rigs, submersible rigs, tender rigs and workover rigs and also includes any production assets whether floating or fixed, floating production storage and offloading vessels (FPSO’S), semi-submersibles for production and or storage and transportation of hydrocarbons;