However, the company is pessimistic about gaining permission to proceed in the near future.
To that end, Cobalt has amended its drilling contract with Ensco for the newbuild semi-submersible Ensco 8503 to include a reduced standby dayrate for up to 12 months.
Cobalt chief executive Joe Bryant said BOEM is sorting through an “avalanche” of new rules “almost every day”.
“Everyone is trying to interpret what the new rules mean,” said Bryant.
