ZUG, Switzerland, May 6 (UPI) -- Drilling contractor Transocean said it planned to create a subsidiary that will take eight rigs to conduct operations in the British waters of the North Sea.
Transocean said the new Caledonia Offshore Drilling Co. should be established during the second half of the year. The spinoff will consist of eight rigs, which have day rates ranging from $300,000 to around $400,000, bound for deployment in the North Sea.
"The U.K. North Sea remains an important market for Transocean and the company is committed to maintaining its presence in the region," the drilling contractor said in a statement Monday.
The rigs are capable of working in waters in a range of 1,000 to 1,800 feet deep. Drilling can target reserves as much as 25,000 feet below the sea floor.
"Caledonia is expected to have a focused approach to assets and operations in the UK North Sea and it will continue to provide best-in-class service to customers," Transocean said.