Dramatic fall in day rates for Cantilever rigs-I: How far down did they go?
May 04: There is a dramatic fall in the day rates of F&GL design Cantilever rigs that are being hired in India subsequent to the crash in oil prices 8Prices have halved from what they were three years ago. 8Now that the three year term for the Cantilever rig, the Harvey H Ward, has come to an end, the owner, in this case Shelf Drilling, has offered the rig back to ONGC for additional work at a massively discounted price. 8Find out what was the earlier hire rate and the new rate that was settled by ONGC for the rig for the extension period. Click on Details for more