Northen Offshore's Energy Driller Gets Tapped by ONGC for $257M

Northern Offshore Ltd. announced that Oil and Natural Gas Corporation Limited (ONGC) Drilling Services, Mumbai region, has awarded its wholly owned affiliate Jet Drilling Pte.Ltd. a three-year contract for the semi-submersible rig Energy Driller for operations offshore India. The contract, which is subject to final execution, is expected to commence during the second quarter 2008, following a shipyard program and subsequent mobilization from Singapore to India. Revenues that could be generated over the three-year contract at a U.S. $234,950 day rate, total approximately $257 million. The estimate excludes revenues for mobilization, demobilization, and customer reimbursables.

The Energy Driller is a conventionally moored semi-submersible rig currently equipped to operate in up to 600 feet of water, however the rig will be upgraded to work in up to 1000 feet of water as part of this contract assignment. The shipyard program includes a regulatory survey and maintenance program already planned, along with the upgrade of the rig's water depth capability

"The three year contract for the Energy Driller continues to indicate strong business fundamentals for the floater market," said Northern Offshore's CEO Marion Woolie. The upgrade of the Energy Driller demonstrates our willingness to enhance our fleet when the appropriate opportunities arise."

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