Aban Loyd on the lookout for jack-up rigs

Vol 8, PW 7 (30 Jun 04) News in Brief

Rig owners take note.

Indias largest private sector offshore drilling company Aban Loyd Chiles Offshore is planning to go on a major rig-buying spree. Jack ups of up to 400 feet are the most attractive, a source tells PETROWATCH.

Aban is presently scouting for rigs in Indonesia, Malaysia and Singapore. We understand Abans budget for each rig is about $50m.

India is today the most preferred destination for standard jack ups, he adds. Despite what the rest of the world says.

Aban wants to hire its new rigs to explorers who are active in India. ONGC, Reliance and Cairn are the prime targets.

In February, Aban struck a deal with Pride Foramer to buy Pride West Virginia, a 300 feet jack up. ONGC has hired Abans three other jack ups.

Aban III and Hitdrill are deployed at Mumbai High while Aban II is under contract to ONGC offshore Chennai.