Falklands explorer Desire Petroleum said today it had agreed the use of the Ocean Guardian drilling rig up to March 1.
The rig, owned by Diamond Offshore drilling, will then leave the Falklands for use by another contractor.
Desire and fellow Falkands explorer Rockhopper Petroleum have been using the Ocean Guardian since both started drilling in the North Falklands basin.
The rig is currently drilling well 14/10-9 for Rockhopper, which has previously said it will then go on to drill a well on an area it has farmed in to with Desire.