Question-and-Answer Session
Operator
Thank you sir. The question-and-answer session will be conducted electronically. (Operator instructions). We will take our first question from Angie Sedita with Macquarie.
Angie Sedita – Macquarie
Thanks. Good morning guys. Good numbers. Bob, you did mention the farming out of the rig and I think it was in an ultra deep water, could you give some details there? Not specific but general details, is it a major oil company, where is the rig, how much time you're looking to sublet out and what do you think – what is the driver behind the sublet and are they seeing any interest in this rig?
Bob Long
It wasn't major, it was in West Africa and it was for a short period. We will be able to do is one or two wells and if I recall the driver was the original operator, had a problem with his concession and loss the concession. So he just didn't have the opportunity to drill.
Angie Sedita – Macquarie
Okay. And are you seeing interest in this rig at this point or hard to tell?
Bob Long
Well it has already been farmed out, the deal is done, and so it is farmed out to another operator.
Angie Sedita – Macquarie
Okay. Fair enough. And then obviously it is a difficult market today given commodity prices and just the overall tone of the market, but looking out the next 12 months to 18 months, do you still see Transocean building potentially additional rigs besides what is already under construction today?
Bob Long
Well, I will let – I would say that I see us – we are in conversations with some operators about potentially to build additional new builds but I can't handicap the probability for you that that will actually come about.
Angie Sedita – Macquarie
But still there is interest by major and others for additional rigs?
Bob Long
Yes, that is correct.
Angie Sedita – Macquarie
Okay. And then finally on the early termination, obviously a number of contracts have early termination, is there early termination on ultra-deepwater rigs, deepwater rigs as a case-by-case, or could you handicap the percentage there?
Bob Long
I can't think right now of any early terminations provisions that our customers have. Terry, do you?
Terry Bonno
Well on the new build fleet, the early termination provision typically don't have on other existing fleet any early termination has different types of payout mechanisms but there is a payout mechanism on different contracts but they are on a case-by-case basis but the ultra deepwater fleet, those are no cut contracts.
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