Greatship surprise winner in ONGC rig tender

Vol 19, PW 7 (03 Dec 15) Exploration & Production

Mumbai-based Greatship has come from nowhere to win ONGC’s tender for a high-spec jack-up for three years.

When ONGC opened price bids at noon on December 1 Greatship's 2009-built Greatdrill Chitra - drilling for BG, Reliance and ONGC at the Panna and Mukta fields - was quoted at an Effective Day Rate (EDR) of $74,700. Chitra's current contract with the BG-led consortium ends on December 31, 2015.

"Greatship's rate shows it is desperate for a contract (after December 31),” says a driller. Hallworthy Shipping ranked second, offering under-construction rigs Vivekanand-1 and Vivekanand-2, each at $85,417/day.

Next came Jindal Pipes offering new-builds Jindal Pioneer and Jindal Explorer, each at $89,761/day. Last came Aban Offshore offering Deep Driller 8, Deep Driller 3, Deep Driller 5 and Aban VIII, each at $90,203/day.

These rates do not include service tax. Industry sources confirm that the prices quoted are in line with market expectations.

"We were expecting the winning rate to be below $80,000/day," says a driller who did not participate in the tender. ONGC wants the rig mobilised within 180 days of the LoI.

Dynasty Oil & Gas did not confirm the availability of under-construction rig Dynamic Momentum and Shelf Drilling did not confirm West Triton, so their price bids were not opened. Rig COSL Gift offered by China Oilfield Services was rejected on technical grounds.