ONGC to Tap Sevan for Newbuild Deepwater Rig

Sevan Marine ASA has received word that it is the winner of the ONGC bid for deepwater drilling rigs. According to ONGC procedures, after Technical Qualification, the Commercial bids were opened yesterday, in which Sevan emerged as the lowest bidder.

Subject to the signing of a Letter of Intent between the parties shortly, the drilling contract will have a fixed term of three years. Revenues which could be generated over the three year period are approximately US $569 million including mobilization. Sevan Marine's scope will in addition include the provision of ROVs (Remote Operated Vehicles).

Sevan Marine and ONGC have during the last months carried out a detailed technical clarification process in order to qualify the Sevan Drilling Rig for operations offshore India.

Sevan Marine will provide a new-build drilling rig to ONGC, based on its proprietary Sevan 650 design. The rig will be designed to include the most advanced drilling capabilities in the industry, with a capacity to drill in water depths down to 10,000 ft. It will have a variable deck load of more than 15,000 metric tons and a high storage capacity of bulk materials and drilling fluids, reducing the need for re-supply compared to semi-submersibles. The secluded moon pool area limits the environmental impact of potential oil spills.

Sevan Marine's partner in India is Jindal Drilling & Industries Limited, with its head office in New Delhi. The Company is listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India.

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