Addressable Rigs

Example Definitions of "Addressable Rigs"
Addressable Rigs. The total number of Offshore Drilling Rigs worldwide on March 31, June 30, September 30 or December 31 of the applicable Performance Period, as reported in the IHS Petrodata RigBase Current Activity Report for such day, excluding from such total each Offshore Drilling Rig which the IHS Petrodata RigBase classifies, on such date, as: (i) on order, under construction, or otherwise not yet delivered, or "retired" (an Offshore Drilling Rig that is no longer part of the drilling rig fleet), (ii)... "cold stacked" (an Offshore Drilling Rig manned only by a watch crew, with its equipment mothballed and requiring several months to reactivate), (iii) "out of service" (an Offshore Drilling Rig not capable of re-entering service without a major equipment upgrade/renewal that would take a minimum of 6 to 12 months), (iv) "production" (an Offshore Drilling Rig in temporary production mode), or (v) located in a country that is subject to economic sanctions by the United States that are administered and enforced by the United States Office of Foreign Assets Control. View More
All Definitions