MFI-56 Rig-Related Costs

This document provides guidance as to how the industry should handle accounting issues associated with rig-related costs. This document provides guidance as to how the industry should handle accounting issues associated with rig-related costs. The principles of the document are applicable to any kind of rig, both onshore and offshore. Notable rig-related cost topics include construction oversight, modifications, commissioning, mobilization, load-out, dead time, suspended operations, maintenance, repairs, rig moves, programs moves, demobilization and rig support costs. It also discusses how to allocate costs to the properties served over the life of the rig contract. 40 pages. 2015.

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Description

Table of Contents

  1. FOREWORD
  2. BACKGROUND
  3. OVERVIEW OF CHARGEABILITY
  4. LONG-TERM RIG CONTRACTS
  5. CONSTRUCTION OVERSIGHT
  6. RIG MODIFICATIONS
  7. COMMISSIONING/INSPECTIONS
  8. MOBILIZATION
  9. LOAD-OUT
  10. DEAD TIME
  11. SUSPENDED OPERATIONS
  12. MAJOR MAINTENANCE
  13. RIG REPAIRS
  14. RIG MOVES
  15. PROGRAM MOVES
  16. DEMOBILIZATION
  17. INTERVENTION UNITS
  18. SUB-LEASING & RIG SHARING
  19. ADJUSTMENTS
  20. RIG CONTRACT EXTENSIONS
  21. RIG CONTRACT CANCELLATIONS
  22. ALLOCATION OPTIONS AND CONSIDERATIONS
  23. CONCLUSION
  24. GLOSSARY
  25. EXHIBIT A – CHARGEABILITY OF RIG-RELATED COSTS MATRIX
  26. EXHIBIT B – FLOWCHART OF RIG-RELATED COSTS
  27. APPENDIX A – OPERATING AGREEMENT – RESPONSIBILITIES OF OPERATOR
  28. APPENDIX B – ACCOUNTING PROCEDURES – LABOR
  29. APPENDIX C – ACCOUNTING PROCEDURES – CONTRACT SERVICES
  30. APPENDIX D – ACCTG PROCEDURES – EQUIP. AND FAC. FURNISHED BY OPERATOR
  31. APPENDIX E – ACCOUNTING PROCEDURES – AFFILIATES
  32. APPENDIX F – ACCOUNTING PROCEDURES – TRANSPORTATION