GSPC extends modular rig deadline

Vol 13, PW 1 (18 Jun 09) News in Brief

Bidders competing to hire a â€کmodular’ rig to GSPC for drilling at its shallow water KG block now have the benefit of an extended deadline.

We hear GSPC has extended the deadline to June 23, in response to requests from several bidders. “Three or four companies wanted the deadline extended because they said design modifications need to be carried out in the rigs they have in hand.

â€‌ GSPC did not mind extending the deadline because it wants the rig mobilised around 2011 when the offshore platform will be ready on location to carry out development of the Deen Dayal gas discovery at the KG block. “Our tender has been in the market for about one and a half months and we have received seven or eight offers,â€‌ says GSPC, which wants the rig to be perched on the offshore platform to drill development wells.

GSPC will hire the rig for two â€کfirm’ years plus one â€کoptional’ year. GSPC believes hiring a modular rig is more cost-effective than hiring a jack-up rig.

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