Warm Stacked definition
Warm Stacked units, which means the rig is kept operational and ready for redeployment, and maintains most of its crew, and 2 “cold stacked” units, which means the rig is stored in a harbor, shipyard or a designated offshore area, and the crew is reassigned to an active rig or dismissed. Without new drilling contracts or additional financing being available when needed or available only on unfavorable terms, we may be unable to meet our obligations as they come due or we may be unable to enhance our existing business, complete additional drilling unit acquisitions or otherwise take advantage of business opportunities as they arise.
Warm Stacked means the period of time when the Vessel is not under contract or being mobilized to or from a contract location but is being maintained in ready to work condition.
Examples of Warm Stacked in a sentence
If the rig is classified as Warm Stacked and an Employee is put on standby the Employee’s roster will remain in place.