Question-and-Answer Session
Operator
Thank you. (Operator Instructions).
We'll take our first question from Colin Gerry, Raymond James.
Colin Gerry - Raymond James
Hi, good morning.
Mark Keller
Good morning, Colin.
Colin Gerry - Raymond James
The first question, you mentioned the contract restructuring could you give us a little bit more color on that in terms of the length of term that you are looking for in some of these situations? Give us a sense, is there an area or region of the world where these conversations are more prevalent, obviously, the Gulf of Mexico is being one of the weaker markets or is it more North Sea, West Africa, Middle East, maybe, just a little bit of color as far as where those conversations are coming from?
Mark Keller
We had most of the conversations, Colin, in our land division with long-term contracts, as I mentioned in my comments. We've seen some softening in that market, so we have just recently rolled over some rigs on some three year contracts. So we're talking to those operators now.
On the jack-up side, we are looking at some things in West Africa with Gorilla VII. We have been approached. However, all of these discussions are in early stages and nothing has been decided yet. So, they're ongoing in different regions of the world, but primarily, the North Sea, West Africa, land. US Gulf of Mexico, there hasn't been much discussion there with day rates there. We are getting ready to renew some rigs. So that eliminates that discussion.
Colin Gerry - Raymond James
That's interesting, because it seems to me like some of the recent data points we have seen indicate that Middle East seems to be one of the markets that's softening the quickest with Saudi kind of electing not to take some options and even shrinking the term on some of their existing options. So I would just think in that region maybe you are starting to see some of those conversations, but it sounds like you haven't?
Matt Ralls
Well, Saudi Aramco is still reviewing their drilling budget moving forward. There are about 10 jack ups that roll off contract with them this year. And they're reviewing those right now. And whether they're going to renew those options, most of those rigs have priced options and they are going through a review process right now. There hasn't been a final determination on that yet.
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