Another extension for ONGCآ’s seven-rig tender

Vol 8, PW 2 (21 Apr 04) News in Brief
     

ONGC has announced another extension to its seven-rig tender.

This time the new date for submission of techno-commercial bids is 17th May. Behind the decision is a recent management directive to all business units instructing them to get permission from ONGCs Executive Purchase Committee before issuing tenders for certain items, including drilling rigs.

ONGC decided to include this tender in the new directive because it hasnt yet been closed, reveals a source. In practice, ONGCs EPC must now approve the seven-rig requirement.

Barring further hiccups, bidders should be ready to submit price bids within a month. The seven rigs are needed at the Mumbai High after this years monsoon.

A post-monsoon start date might pose problems for two Transocean rigs that risk lying idle. JT Angel completes her contract on 22nd May and CE Thornton on 24th June.

Both are in the race for the seven-rig tender.