Black Pearl 1 rig rusts away in a Gujarat field

Vol 16, PW 10 (29 Nov 12) News in Brief

Aberdeen-based ITS Energy will be closely watching, as Ahmedabad-based Adani Group prepares to close down its Black Pearl Services drilling arm.

PETROWATCH learns 15 employees of Dubai-registered Black Pearl have been trying unsuccessfully to sell the company’s sole rig Black Pearl 1 for the past six months as it lies rusting at CB-ONN-2004/5, which group company Adani Welspun (90%) shares with Naftogaz (10%). “Adani wants around $25m,” says a source.

“No one will pay this for a used rig; in the US you can buy a brand new 2000-hp rig for $20m.” Some offers for the 2000-HP Le Tourneau Black Pearl 1 have come in but the Adani Group has lost interest and turned them down.

“In India ONGC won’t pay more than $18,000/day for this kind of rig,” adds a source. “Adani have lots of money; they aren’t bothered if a $28m rig rusts away.

” Black Pearl was deployed to India in 2009 and fitted with a $1.5m BoP supplied by ITS, which is yet to be paid.