Chevron Corporation (NYSE:CVX) has ordered three new shallow-water drilling rigs from Transocean to use in Thailand.

Chevron Corporation (NYSE:CVX) Makes Rig Order

Under this new deal, the US based oil giant Chevron Corporation (NYSE:CVX) will pay $135,000 to $145,000 a day to lease the rigs that will be used in Thailand exploration projects starting in 2013.

The rigs will be designed to operate in waters as deep as 350 feet (107 meters) and drill wells 35,000 feet beneath the surface of the sea.

The types of rigs Chevron Corporation (NYSE:CVX) ordered are known as jackups because they have retractable legs that extend to the sea floor.

Chevron Corp. (NYSE:CVX) stocks were at 106.09 at the end of the last day’s trading. There’s been a 5.6% movement in the stock price over the past 3 months.

Chevron Corp. (NYSE:CVX) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.56
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.4
Zack’s Rank: 2 out of 19 in the industry