ONGC to Rent Five Jackup Rigs
Oil and Natural Gas Corp. Ltd. (ONGC) opened bidding for a three-year jackup rig rental contract on Aug. 2, and Aban Offshore Ltd. and Transocean Inc. are in position to win the multimillion-dollar contract.
Aban Offshore will provide three rigs, named Aban III, Aban IV and Aban V, at a rate of $167,000 a day, earning $550 million over the three-year period. For its two rigs, named C.E. Thornton and F.G. McClintock, Transocean will receive a rate of $165,000 a day, earning $361 million over the contract period.
Since 2004, ONGC has rented the five rigs for day rates ranging from $45,200 to $57,600; but the rental contract ends between December 2007 and January 2008. Investments in prospecting for oil, and thus the demand for jackup drilling rigs, has risen due to rising oil prices.
Operates 36 Offshore Rigs
Manages 8 Offshore Rigs
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Company: Transocean Ltd. more info
Manages 46 Offshore Rigs
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Company: Aban Offshore more info
Manages 17 Offshore Rigs
- Aban Offshore Bags $87M Contract to Provide Aban Abraham Drillship to ONGC (Jun 28)
- Aban Offshore Inks Deal to Provide Aban II to ONGC for $50M (Oct 27)
- Aban Offshore Clinches $182.7M Deals to Supply 2 Jackups to ONGC (Oct 13)