May 21, 1997 (Executive Council) Premier Brian Tobin, in response to today's announcement that the Terra Nova Consortium has contracted the TransOcean Explorer to drill up to 44 wells on the Terra Nova field, said: "This marks the actual start of the second Newfoundland and Labrador offshore petroleum production project. While realizing the development plan must be approved, we also recognize this as yet another sign of Petro-Canada's confidence in the project." The Terra Nova Consortium has contracted the Transocean Explorer, operated by Transocean Offshore Inc., for a two year drilling agreement with options for three, one year renewals. "In real terms, this drill can be expected to be active off the Grand Banks for up to five years. The refit of the rig for this work will cost between $58 and $74 million. Shipyards in Eastern Canada will have an opportunity to bid on this work and I am confident the Marystown Shipyard will offer a competitive proposal," the premier said.
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