Northern Offshore announced that its subsidiary, Jet Drilling (S) Pte. Ltd. received a Letter of Award from Oil and Natural Gas Corporation Limited ("ONGC") for its semisubmersible Energy Driller for work offshore India. The term of the contract is for three years with initial operations commencing off the west coast during the first quarter of 2012. The Energy Driller completed its previous three-year contract with ONGC on August 31, 2011 and was subsequently demobilized to a Singapore shipyard arriving September 20, 2011. While in the shipyard, the rig will undergo Class inspections and maintenance in preparation for the new contract. The estimated contract value for the award is approximately US $230 million.
President and CEO Gary W. Casswell said, "We are extremely pleased to be awarded this new contract for the Energy Driller and look forward to continuing our role as a key service provider to ONGC. Our operations team has planned a comprehensive shipyard inspection and maintenance program for the rig. I have every confidence they will execute the work efficiently to ensure the unit meets the client's expectations. Of note, this award adds significantly to Northern Offshore's expanding contract backlog."
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