Stone Energy Corp. has entered an agreement to contract the ENSCO 8503 dynamically positioned deepwater drilling rig for Stone's multiyear deep water drilling program in the Gulf of Mexico (GoM), according to a news release.

The primary contract term is for 30 months and is expected to commence during second-quarter 2015 at a rate of about $350,000 per day. The contract permits Stone to exercise options to extend the term up to an additional 12 months, the release said. Subject to notification no later than March 31, 2015, Stone may reduce the 30-month primary term contract by up to six months.

The ENSCO 8503 deepwater drilling rig, which will be modified to include mooring capabilities prior to the commencement of the contract, can reach a maximum drill depth of 10,668 m (35,000 ft) in up to 2,591 m (8,500 ft of water and holds the record for the deepest well drilled in the GoM.

Offshore