Reliance renews Actinia at $190,000 per day

Vol 10, PW 4 (15 Jun 06) Exploration & Production

Reliance has renewed its contract for Transocean semi-submersible rig Actinia at a day rate of $190,000 for three years to October 2009.

This is more than three times her present rate of $54,000 per day a clear sign that rig rates riding high on rising global crude oil prices show no sign of tailing off. Actinia is drilling for Reliance in the Gujarat offshore and her present contract ends around October later this year.

Reliance is set to embark on a massive exploration and development programme across its offshore acreage in India. By November 2007, it will have eight rigs drilling in the Indian offshore.

Five of these are from Transocean, one each from Neptune Marine Oil and Gas, Premium Drilling and Dolphin Drilling. For now Reliance has only Actinia.

Transoceans Deepwater Frontier will be the second rig to reach India and is expected to reach Richards Bay, South Africa, around 30th June for a crew change and to receive equipment ahead of her assignment. Deepwater Frontier is expected on location at Reliances discovery KG deepwater block KG-DWN-98/3 around 25th July where she will be later joined by deepwater drillships Deepwater Expedition and Discoverer 534.

See below: Reliances offshore drilling rig mobilisation schedule Rig Name Operating water depth Expected arrival date Deepwater Frontier 3000 metres July 2006 Deepwater Expedition 3000 metres June-July 2007 Blackford Dolphin 1842 metres September-October 2007 Neptune Explorer 1065 metres January 2007 C Kirk Rhein 830 metres December 2006 Deep Driller 1 375 feet October-November 2007 Actinia 600 metres Currently drilling Discoverer 534 1800 metres May 2007

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