The Sydney-based company today said the 1200hp rig is currently being upgraded in Dubai, and is capable of drilling to 4000m in conventional hole sizes.

Under the deal, Roc can terminate the arrangement early by paying a break fee and assigning the rig to other operators in the region.

“As everybody knows, the rig market is tight,” chief executive John Doran said.

“It is particularly tight when you are looking for a rig to drill in an area where nobody has drilled for 34 years.

“Our sincere hope is that once the rig arrives in Angola, we will have every reason to keep it busy for the following two years although, of course, that goal will be a lot easier to achieve if our first three or four wells provide a bit of encouragement."

Roc has a 60% working interest, or 75% contributing interest in the Cabinda South Block joint venture.