Greatship asked to slash rig rate

Vol 17, PW 7 (31 Oct 13) News in Brief

Greatship is nowhere close to getting a LoI despite emerging lowest bidder in ONGC’s tender for three offshore rigs.

ONGC opened price bids on September 16 and is negotiating down Greatship’s quote of $133,483/day for Greatdrill Chetna, drilling for the PMT consortium, and Hull no. 117/275, under construction at the Lamprell yard in Sharjah.

“ONGC is not indicating a price," says a source close to Greatship. "They are just asking for a 'lower price'.

” ONGC wants Greatship to lower its price to $130,000/day, say sources - the rate Chetna is drilling for PMT. Jindal Drilling is waiting to step into the breach if talks with Greatship breakdown, with three rigs on offer: Virtue 1, Jindal Star and Jindal Pioneer.

ONGC is expected to ask Jindal to match the price from Greatship if it wants this five-year contract. Jindal bid second lowest quoting $155,380/day.

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