The following are terms and abbreviations which are commonly used in the oil and gas services industry and on the QGOG Constellation website.

Rig and Asset Types:


A type of mobile offshore drilling rig that floats and is not secured to the sea floor. Floaters include drillships and semisubmersible rigs.

Drillship Rig

Drillship rigs are maritime vessels that have been outfitted with a drilling apparatus. Most often used for exploratory drilling of new oil and gas wells in deep water, drillships can also be used as platforms to carry out well maintenance or completion work such as casing and tubing installation or subsea tree installations. The rigs’ design and capabilities include numerous features that increase operating efficiency.

Semisubmersible Rig

Semisubmersible rigs are the most common type of offshore drilling rigs. They are floating offshore drilling units with pontoons and columns that, when sea water is permitted to enter, cause the units to be partially submerged to a predetermined depth.


Floating Production Storage and Offloading unit, an offshore floating production system which receives oil and gas from subsea or other offshore installations. The hydrocarbons are processed and stored then offloaded to shuttle tankers or transported through a pipeline.

Water Depths:

There is no universally accepted classification of water depths for offshore drilling. We use the following terms to describe our capabilities:

Midwater 1,000 feet to 2,999 feet
Deepwater 3,000 feet to 7,499 feet
Ultra-deepwater 7,500 feet or more

Commonly Used Terms:

bbl: a standard oil measurement that equals one barrel

bblpd: barrels of oil per day

boe: barrels of oil equivalent; one million boe is equivalent to approximately 5.35 billion cubic feet of natural gas, according to the conversion table from the 2013 BP Statistical Review of World Energy

boepd: barrels of oil equivalent per day

BOP: blow out preventer

CAGR: compounded annual growth rate

Charters: the various contractual arrangements for the hiring of a unit covering both the rental of the unit itself, as provided under a charter contract, and the services required to operate the vessel, which are usually agreed upon under a separate service agreement

Dayrate: daily fees earned by a unit, including, among others, the charter fees earned under a charter contract and the service fees earned under a service agreement

Drilling Contracts: a charter and service agreements entered into with customers

Downtime: the period in which the Company does not earn a dayrate because there has been an interruption in activity due to, among other reasons, an operational mistake or equipment malfunction

DP: dynamically-positioned

E&P: the exploration and production of hydrocarbons

Foot or Feet: a unit of length equal to 12 inches or 0.3048 of a meter

HP: horsepower

Learning Curve: the period during which an operator becomes more familiar with the equipment and progressively reduces downtime until a point is reached when there is no significant improvement

Pre-salt: areas more than 13,120 feet below the seabed, under layers of rock and salt

Stacking: maintaining an offshore rig in a yard, shipyard or sheltered waters until it is awarded a new contract

Stacking Period: the period in which stacking occurs

Uptime: periods in which the Company earns a dayrate

LAST UPDATED 2016-11-22T11:09:04