Date:09/01/2007 URL: http://www.thehindubusinessline.com/2007/01/09/stories/2007010903560200.htm

Back Essar Oilfields bags GSPC contract

Our Bureau

Ahmedabad , Jan 8

Essar Oilfields Services Ltd has been awarded a drilling contract by Gujarat State Petroleum Corporation for drilling in the Krishna-Godavari (K-G) basin on the east coast.

The work will involve drilling up to depths of 5,600 metres and is for a period of two years with an option to extend by a year each for two more years, Essar said in a release here.

The contract is valued at nearly $ 250 million (Rs 1,125 crore) for two years. Renowned companies such as Tran Ocean and Sea Drill of USA and Japan Drilling from Japan participated in the competitive bidding.

In order to execute the contract, Essar Oilfields recently acquired a semi-submersible rig named "Essar Wildcat".

The rig acquired at a cost of $220 million (Rs 979 crore), is an anchor moored, self-propelled drilling rig suitable for deployment in water depths of 1,350 ft and can be upgraded for deeper waters.