As reported earlier by EnergyReview.net, the Atwood Beacon suffered unexpected leg penetration to its legs during positioning operations while contracted to ConocoPhillips offshore Indonesia.

In a statement the firm said, “Based on the current shipyard schedule, the rig should be repaired within the 180 days loss of hire insurance coverage period and be ready to begin operations in Vietnam by the end of January 2005.”

While Atwood Oceanics did not elaborate further, the firm had earlier announced it had insurance cover on the rig in excess of US$1 million deductible plus Loss of Hire coverage to the tune of US$70,000 for 180 days.