Stacking Periods Clause Samples

Stacking Periods. During stacking periods, Operator shall maintain the operational functionality of the Vessel including maintaining full drilling and/or marine crews (as necessary to comply with applicable law and good oilfield practices), but look to minimize costs as can be achieved without reducing the marketability of the Vessel. If, based on the Operator’s marketing efforts, it is mutually determined with Mandarin that the Vessel will not be contracted for an extended period of time, Mandarin may notify Operator to “cold stack” the Vessel. During any such cold stack, the Operator shall reduce crews and related costs, maintenance and operating costs as can be achieved while maintaining the Vessel’s certifications and preventing unnecessary physical depreciation of the Vessel.