Drilling Contract definition

Drilling Contract means any drilling contract in respect of any Vessel or other contract for use of any Vessel (except Internal Charters and Permitted Third Party Charters).

Drilling Contract means the Daywork Drilling Contract, dated as of May 25, 2006, by and between the Union Drilling, Inc. and U.S. Geothermal, Inc. (as may be amended, restated, supplemented, otherwise modified or replaced).

Drilling Contract means shall mean any third-party drilling contract, drilling services agreement, charter or similar agreement in respect of any Collateral Rig.

Examples of Drilling Contract in a sentence

• Holdings shall disclose dayrates under the Drilling Contract in the Fleet Status Report at least quarterly.

• Holdings shall cause the Collateral Rig Operator to continue to be a party to the Master Services Agreement and to have access to the Services (as defined therein) and personnel provided thereunder in order to comply with the performance standards under the Drilling Contract until the stated expiration date of the Drilling Contract regardless of whether the Collateral Rig Owner or the Collateral Rig Operator remains an Affiliate of Holdings.

• Holdings shall, and Holdings shall cause its Subsidiaries to, not take or support any of the following actions after the occurrence of an Event of Default under Section 6.01(f) or (g): (a) reject the Drilling Contract or the Bareboat Charter; or (b) challenge any transfer made in connection with the Note Documents as a preference or fraudulent conveyance.

• The EnCana Drilling Contract also made Tesco responsible for making sure work on the rig was performedsafely and obligated Tesco to carry adequate workers’ compensation insurance.

• A separate Drilling Contract shall be deemed to apply to each well drilled under this Agreement.

More Definitions of Drilling Contract

Drilling Contract means any charterparty, pool agreement or drilling contract in respect of any Collateral Vessel or other contract for use of any Collateral Vessel.

Drilling Contract means any Drilling Contract to which the Pledgor, as operator of the Collateral Rig, is a party.

Drilling Contract means any drilling contract in respect of any Vessel or other contract for the use or hire of any Vessel, including charters, bareboat charters, sub-charters, pool agreements, leases and other contracts of employment (except Internal Charters).

Drilling Contract means, at any time, as applicable, (a) Contract No. SEP-C-12-005 between SOI Finance Inc., a Subsidiary of Royal Dutch Shell plc (as assignee of Shell EP Wells Equipment Services B.V.), and Poseidon Opco (as assignee of Transocean Offshore Holdings Limited) dated 28 September 2012 (as amended, restated, amended and restated or modified from time to time in accordance with Section 4.26 of this Indenture), including as the same may be (i) assigned to any other Person, so long as Royal Dutch Shell plc or any Affiliate thereof remains liable in respect of all of Royal Dutch Shell plc’s or such Affiliate’s obligations thereunder, (ii) assigned to any Person that, at both the execution of such assignment and the date that drilling operations commence pursuant to such assignment, (x) is an Investment Grade Counterparty or (y) whose obligations under the Drilling Contract are fully and unconditionally guaranteed by a parent that is an Investment Grade Counterparty, or (iii) assigned for a period not to exceed one year to any Person that (x) agrees to prepay, and prepays, prior to commencement of drilling operations for such Person, to the Collateral Rig Operator the aggregate dayrate associated with the lesser of (A) the assignment term and (B) at least 90 days (in each case less any portion of the aggregate dayrate that Royal Dutch Shell plc or any Affiliate thereof remains obligated to pay under the Drilling Contract), which prepayment funds the Collateral Rig Operator agrees to have deposited into the Earnings Account and to treat as though a Blockage Notice pursuant to Section 4.15(a) was in effect with respect thereto for the duration of such assignment (without the need to provide any Blocked Period Withdrawal Certificate to withdraw funds from the Earnings Account, but using proceeds in the Earnings Account solely for the purposes permitted during a Blocked Period), and (y) during such assignment period, places and maintains the Required Operator Insurance with the Collateral Rig Operator and the Collateral Agent named as additional insureds; provided, that in the case of any assignment described in clauses (ii) or (iii), no subsequent assignment pursuant to any of clauses (ii) or (iii) may be made until the Drilling Rig has operated under contract for Royal Dutch Shell plc or any Affiliate thereof for a subsequent period of at least 90 consecutive days; and (b) each Acceptable Drilling Contract that has replaced the previous Drilling Contract pursuant to a...

Drilling Contract has the meaning given to it in the recitals.

Drilling Contract means the Daywork Drilling Contract, dated as of May 25, 2006, by and between the Union Drilling, Inc. and U.S. Geothermal, Inc. (as may be amended, restated, supplemented, otherwise modified or replaced), which was assigned by Member B to the Company as contemplated by the Transfer Plan.

Drilling Contract means any charterparty, pool agreement or drilling contract in respect of any Collateral Rig or other contract for use of any Collateral Rig.