Aban adds a fourth jack-up rig to its fleet of three

Vol 7, PW 24 (25 Feb 04) News in Brief

Chennai-based drilling contractor Aban Loyd has added another offshore drilling rig to its fleet of three.

On 20th February, Aban signed a MoU with Pride Foramer to buy the jack up rig Pride West Virginia now drilling for ONGC in the Mumbai High. We are told Pride West Virginia will be renamed Aban-V and will join Aban-II, Aban-III and Aban-IV.

Aban Loyd sold an earlier rig, Aban-I, sometime in 1999. Financial closure of the Pride West Virginia sale will take place after Indian authorities give their approval and when ONGC assigns its existing contract (valid till November) with Pride Foramer to Aban.

Aban will pay about $50m for Pride West Virginia, inclusive of the value of the remainder of the existing ONGC drilling contract. Pride West Virginia is a Freddy and Goldman designed jack-up rig capable of drilling in 300 feet water depth.

She was built in the 1980s and has been drilling in India for ONGC since 2002.

LNG Summit