Drilling Equipment definition

Drilling Equipment means a drilling rig consisting of the machinery necessary to construct a well.

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Drilling Equipment means the derrick, together with all parts of and appurtenances to such structure, every piece of apparatus, machinery or equipment used or erected or maintained for use in connection with drilling.

Drilling Equipment means one or more drilling rigs or drillships or other Vessels, together with all related spares, equipment and any additions or improvements.

Examples of Drilling Equipment in a sentence

• For purposes of the physical damage insurance coverage requirements provided in this Exhibit D, “full insurable value” shall mean the full replacement value of the Drilling Equipment, including any improvements, equipment, spare parts, fuel and supplies, without deduction for physical depreciation and/or obsolescence; all such insurance may have deductibles of 5% of the value subject to a minimum of $100,000 and a maximum of $200,000 per occurrence.

• None of the Drilling Equipment consists of, is located upon or will be part of any vehicle for which a certificate of title is issued.

• All insurance money paid or net amounts awarded shall be paid to Issuer, and Issuer shall proceed to restore, repair, replace or rebuild the Drilling Equipment as nearly as possible to the condition they were in immediately prior to such damage or condemnation, to the extent that the same may be feasible, subject to such alterations as Issuer may elect to make.

• Issuer covenants and agrees that in the event of damage to or destruction of the Drilling Equipment, or if all or any part of the Drilling Equipment shall be taken under the exercise of eminent domain, it will immediately notify Trustee.

• Such policy shall provide a minimum limit of liability of $1,000,000 per occurrence for bodily injury and property damage combined; provided, that, policy aggregates, if any, shall apply separately to claims occurring with respect to the Drilling Equipment.

• Such insurance shall: not include any coinsurance provision; and value losses up to the stated amount of the Drilling Equipment in the policy.

• Issuer covenants that it will use commercially reasonable efforts to continuously operate the Drilling Equipment in a diligent fashion in accordance with prudent practice and as a revenue-producing undertaking in compliance with all applicable laws and regulations and all the covenants and obligations under this Indenture.

• GROUP # C: Drilling Equipment Only Where a Separate Air Compressor Unit Supplies Power, Acetylene Torch Operators, Asphalt Raker and Powderman.

• Empeiria desires to form Integrated Drilling Equipment Holdings Corp., a Delaware corporation (“Merger Sub”), and merge therewith, with Empeiria being the surviving corporation of such merger and adopting the name Integrated Drilling Equipment Holdings Corp.

• GROUP # C: Drilling Equipment Only Where a Separate Air Compressor Unit Supplies Power, Acetylene Torch Operators, Asphalt ▇▇▇▇▇ and Powderman.

More Definitions of Drilling Equipment

Drilling Equipment means the Rig #3 Drilling Equipment, the Rig #14 Drilling Equipment; the Rig #22 Drilling Equipment, and the Rig #28 Drilling Equipment, all as more fully described in Exhibit C attached hereto and incorporated herein by this reference.

Drilling Equipment shall have the meaning in Clause 1.15 above.

Drilling Equipment means one or more drilling rigs or drillships or other Vessels, together with all related spares, equipment and any additions or improvements. "Drydock, Shipyard Stay and Special Survey Amortization Expense" shall mean, for any period, the amortized amount of all drydock, shipyard stay and special survey expenses in respect of Vessels of the Parent and the Restricted Subsidiaries for such period. Drydock, Shipyard Stay and Special Survey Amortization Expense with respect to any Vessel of the Parent or any Restricted Subsidiary will be amortized over a period commencing with the fiscal quarter in which any such expense is incurred and ending with the fiscal quarter in which the next drydock, shipyard stay or special survey, as applicable, with respect to such Vessel is scheduled to occur.

Drilling Equipment. The Drilling Equipment Inspection section specifically relates to equipment listed in Attachment Al to Exhibit A - Scope of Work. Contractor shall submit its maintenance system for review by Company. If found acceptable, Contractor may submit documentation for review and acceptance by Company that is generated from Contractor’s maintenance system verifying the most recent inspections as indicated in Table V. Credit for such inspections shall be granted by Company if it can be demonstrated that the scope of such inspections meets the intent of API RP8B and API RP7L, and that the inspections have been carried out in accordance with the frequencies specified in Contractor’s maintenance system and meet the maintenance and recommended practices and alerts of the manufacturer. In addition, Contractor shall provide documentation to substantiate that such equipment has not been operated over 90% of its rated load capacity since such inspections were performed in order to receive credit. Random checks of the equipment may be specified by Company to the extent necessary to substantiate that the equipment is in serviceable condition. For equipment that is randomly selected for inspection, these items shall he comprehensively reviewed with inspection covers shall be removed to the extent necessary fbr access for visual inspections, measurement of tolerances and clearances, as well as a detailed examination of the mechanical and electrical condition of the equipment.