jackup
n.— «The company operates primarily in the shallow waters of the Gulf of Mexico. Gue points out that in the shallow Gulf waters, the most common type of drilling rig is what’s known as a jackup. These, he notes, consist of a platform attached to four or more legs that rest on the sea floor and are used to drill in water up to a few hundred feet deep. Gue says, “Most oil and gas producers don’t own their own rigs. Rather, these rigs are leased from contract drillers like Hercules for a fee known as a day-rate. Hercules currently owns nine jackup rigs and a fleet of boats used to maintain wells and platforms.”» —“Hercules: Strong play on natural gas” by Steven Halpern BloggingStocks May 29, 2007. (source: Double-Tongued Dictionary)
Further reading
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