Cofor exits India on Cairn termination

Vol 18, PW 15 (26 Mar 15) News in Brief

French driller Cofor is preparing to exit India hardly a year after setting up an office on the back of a single three-year contract with Cairn India for its high-spec onland rig HH-20 - abruptly terminated in February along with contracts for one Weatherford, two John Energy and three Quippo rigs.

Parked in a yard at the Barmer oilfield, Cofor rig HH-20 is being readied to move from Cairn to a tax-free 're-export' Special Economic Zone at Mundra port in Gujarat. "Cofor will re-market the rig," says a source.

"All options are open if it is re-marketed in India or abroad. Once the paperwork is completed the rig should be at Mundra by end-June."

Mumbai-based Oil Field Warehouse & Services is shortlisted to demobilise the Cofor rig. In March last year Cofor opened an office in Gurgaon, buoyed by Cairn's promise of a two rig contract, later reduced to a single rig contract.

"Cairn's contract cancellation was very unprofessional," adds a source. "No foreign driller will work in India if this is how it is treated."