Description
Challenger Minerals Inc. (CMI), is the upstream subsidiary of GlobalSantaFe, serving a business development role for the company’s drilling management services groups. As a provider of geological and geophysical expertise on potential projects, CMI continues to expand its niche as the premier screener of oil and gas prospects in the Gulf of Mexico and in the North Sea.
This strategy incorporates a Joint Venture program that supplies third-party capital to the client base of GlobalSantaFe for projects that are not fully funded, thus enabling exploration and development projects to proceed. In addition, CMI is accelerating the use of turnkey drilling and completion services by their sister company, Applied Drilling Technology Inc. (ADTI) in the Gulf of Mexico and the GlobalSantaFe Well Engineering group in the North Sea.
CMI generates revenue from both Joint Venture (JV) partner participation fees and equity interest in drilling projects. CMI has traditionally participated for 15% or less interest in projects while CMI’s JV partners fill out the additional available interest on drilling projects. Under CMI’s joint ventures there are no overriding royalty or other burdens imposed on the company’s partners’ interest in any project.
Over the past eight years, CMI’s initial Gulf of Mexico Joint Venture program has expanded into three programs, two in the Gulf of Mexico and one in the North Sea, with a total of ten partners.
GlobalSantaFe
GlobalSantaFe is a leading worldwide drilling contractor offering a full range of premium equipment and drilling management services. The company's diverse and technologically advanced fleet of 58 offshore rigs includes premium and heavy-duty, harsh-environment jackups; semisubmersibles; and dynamically positioned ultra-deepwater drillships. Additionally, the company has four rigs under construction. The company also has 31 land rigs and is the world's leading provider of turnkey drilling and drilling management services
Address
Challenger Minerals Inc.
15375 Memorial Drive
Suite G-200
Houston
Texas 7707
U.S.A.
http://www.globalsantafe.com
Telephone
281 925 7200
Fax
281 925 7280
Date Updated
24-Jul-2009