Virtue-1 Begins ONGC Work 116 Days Ahead of Schedule

Jindal has chartered the jackup rig "Noble George McLeod" to ONGC. The rig was successfully deployed in January, and operations are under a contract period of three years on a firm contract basis.

Jindal has also chartered the newly built jackup rig "Virtue-1" to ONGC. The Virtue-1 jackup commenced operations with effect from Jan. 17, 116 days ahead of its scheduled date, on the western coast offshore India for a period of five years on a firm contract basis. The aggregate contract value is approximately $262 million to be spread over the next five years.

The Virtue-1 rig is owned by Virtue Drilling PTE Ltd., Singapore, a joint venture company of Jindal Drilling. The rig was manufactured by Keppel FELS and was delivered in December 2008.

With these charters, the total number of rigs operating in Jindal's fleet is five.

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