Question-and-Answer Session
Operator
Thank you. (Operator instructions) Our first question will come from Arun Jayaram from Credit Suisse.
Arun Jayaram – Credit Suisse
Good morning, guys.
Brian Voegele
Good morning.
Arun Jayaram – Credit Suisse
Brian, I was wondering if you could comment a little bit on, as you have some rigs, which could get some ideal time next year on the jackup, and perhaps some on the shallow water floater side, how to think about costs for those rigs, the Venezuela, the South Seas etcetera? What are your stacking costs or etcetera?
Brian Voegele
Yes the, our stacking costs on our floaters will be in the range of $3,000 to $5,000 a day. So the South Seas -- kind of modeling the South Seas are expected to be stacked for a foreseeable future. Venezuela, we are going to take to the shipyard. Right now the current plan with the Venezuela is for us to mobilize to a shipyard in Dubai. We think its highest opportunity for working at rig is it got to be in India, Southeast Asia region or in Brazil, and there are some market opportunities that we are optimistic about. What we’ll do, we will get to the shipyard in Dubai. We know that we have to fix the hulk and?
Arun Jayaram – Credit Suisse
Right.
Brian Voegele
That will be about a $10 or $12 million project that we will go ahead and spend that money, and then we will make a determination whether we go any further based on how these prospects develop. If we do stack the rig I expect to be in that -- cold stack the rig to be in that $3,000 to $5,000 range.
Arun Jayaram – Credit Suisse
Okay. I jumped on a little bit later owing to another call, but did you make any comment regarding your thoughts on operating costs in general for 2010 versus ’09?
Brian Voegele
I did and we are still going through our budgeting process, and obviously with the stacking of rigs, idling of rigs we would expect cost to be coming down, and we are seeing that here at the beginning of that, at the end of the third quarter and here into the fourth quarter. And so, I haven’t really tried to make any guidance -- guide to what we think costs will look like in 2010.
Arun Jayaram – Credit Suisse
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