Drilling Rig definition

Drilling Rig means any drilling rig (or the stock or indebtedness of any Subsidiary owning a drilling rig) that the Company leases or owns, either entirely or in part; provided that no drilling rig that has a gross book value of less than 1% of the Company’s Consolidated Net Tangible Assets will be deemed to be a “Drilling Rig” for purposes of Section 4.03 hereof.

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Drilling Rig means the onshore drilling rig and associated equipment;

Drilling Rig means the complete structure and machinery required for drilling purposes at the bore hole site :

Examples of Drilling Rig in a sentence

• The Company shall, not later than the 10th calendar day following receipt of such notice, notify Seadrill if it or any other Company Group Member wishes to acquire any Five-Year Drilling Rig forming part of that business or package of assets in cooperation and simultaneously with the Seadrill Entity acquiring the Non-Five-Year Drilling Rigs forming part of that business or package of assets.

• The Company shall, not later than the 10th calendar day following receipt of such notice, notify Transocean if it or any other Company Group Member wishes to acquire any Five-Year Drilling Rig forming part of that business or package of assets in cooperation and simultaneously with the Transocean Entity acquiring the Non-Five-Year Drilling Rigs forming part of that business or package of assets.

• The Issuer will not sell, lease, charter, assign, convey, dispose or otherwise transfer the Drilling Rig or any interest therein; provided, however, this covenant shall not apply to attendant equipment to the Drilling Rig which is obsolete or which is replaced by equipment of equal or greater value.

• For the avoidance of doubt, an amendment or an extension of less than five years to a drilling contract shall not be deemed to be contracting for any Five-Year Drilling Rig.

• The Seller hereby warrants title to the Drilling Rig and hereby warrants and guarantees that the Drilling Rig is free and clear of any and all liens (whether tort, contract, or arising by operation of law), mortgages, charters, debts, charges, assessments, privileges, levies or other encumbrances of any kind or nature whatsoever, whether recorded, secret, state, maritime, tax or otherwise, as of the date and time of the execution of this instrument.

More Definitions of Drilling Rig

Drilling Rig means machinery and ancillary equipment used for drilling wells and/or for working over wells;

Drilling Rig means the plant used to make a Well by boring or other means and includes a derrick, draw works, rotary table, mud pump, Blowout preventer, accumulator, choke manifold and other associated equipment including power, control and monitoring systems;

Drilling Rig means the derrick and all equipment directly involved with drilling a well. (« appareil de forage »)

Drilling Rig means any drilling vessel or offshore rig owned by the Company or a Subsidiary thereof.

Drilling Rig means the Drilling Rig to be utilized by CONTRACTOR in the performance of its obligations under this Contract and as listed.

Drilling Rig means the machine used to drill a wellbore. In onshore operations, the rig includes virtually everything except living quarters. Major components of the rig include mud tanks, mud pumps, derrick or mast, drawworks, rotary table or topdrive, drillstring, power generation equipment and auxiliary equipment.

Drilling Rig means the plant and associated support equipment used to make a hole or well by boring or other means for geophysical, exploration or production purposes;