ONGC Signs LOI for 3-Year, $90 million Contract for Aban II

Aban II
(Click to Enlarge)
Aban Loyd Chiles Offshore Ltd has received a Letter of Intent (LOI) from India's state-owned oil company, ONGC, for a 3-year contract for the Rig Aban II.

The 25-year old Aban II is a mat slot jackup capable of drilling in water depths up to 270 feet. The rig has been working offshore India for ONCG since mid-2002. Its current contract with ONGC began in February 2005, and is set to be completed in in the 3rd or early 4th quarter of 2006.

The new contract will follow completion of the current contract, keeping the Aban II contracted until October 2009. The total revenue under this new contract would be approximately US$90 million (Rs.400 Crores). This translates to a day rates of just over US$80k, which is nearly three times the rig's current day rate.
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Field Maintenance Controls Technician
Expertise: Maintenance Technician|Rig Mechanic
Location: Eighty Four, PA
Maintenance Supervisor - Drilling
Expertise: Maintenance Manager|Rig Mechanic
Location: Eighty Four, PA
Whipstock Welder
Expertise: Rig Welder|Welding|Workshop
Location: Lafayette, LA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours