Lafayette-based Stone Energy Corp. plans a 30-month lease on a deep-water drilling rig from Ensco plc under a contract valued at around $319 million.

The rate for the Ensco 8503 is around $350,000 a day, according to Stone Energy. The lease is expected to begin during the second quarter of 2015. Stone can extend the lease by up to 12 months or reduce the lease by six months.

The rig can drill to depths of 35,000 feet and operate in up to 8,500 feet of water. The Ensco 8503 holds the record for the deepest well drilled in the Gulf of Mexico

Stone Chairman, President and Chief Executive Officer David Welch said the rig will allow the company to “harvest” the potential of its deep-water prospect inventory as well as controlling the pace and execution of the company’s deep-water drilling program.