Aban Loyd on the Lookout for Jackup Rigs

India's largest private sector offshore drilling company, Aban Loyd, is planning to go on a major rig-buying spree. "Jack ups of up to 400 feet are the most attractive," a source tells PETROWATCH. Aban is presently scouting for rigs in Indonesia, Malaysia and Singapore. We understand Aban's budget for each rig is about $50m. "India is today the most preferred destination for standard jack ups," he adds. "Despite what the rest of the world says."

Aban wants to hire its new rigs to explorers who are active in India. "ONGC, Reliance and Cairn are the prime targets." In February, Aban struck a deal with Pride Foramer to buy 'Pride West Virginia', a 300 feet jack up. ONGC has hired Aban's three other jack ups. Aban III and Hitdrill are deployed at Mumbai High while Aban II is under contract to ONGC offshore Chennai. PetroWatch - "Market Intelligence from the Oil, Gas & Power sector in India"