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ONGC's Jack-Up Rig tender-II: Rates are expected to stay down
Jun 22: 2017 is a bad year for jack-up companies as there is expected to be a dramatic increase in roll off  in the jack-up market.
8Some of these rigs are to be in the race for the ONGC contract.
8Older rigs are being retired in the face of falling orders but more force attrition of remaining older rigs are expected to begin this year.
8The website carries here details how all existing jack-up rig contacts and how the contracts of existing rigs are going to roll off over the next few years.
8Rig rates are therefore expected to stay down as owners face the prospect of bidding low to keep their rigs working or face the prospect of retiring them permanently.
8Variable cost coverage will be the basis for price bids for the ONGC tender, as a result
8The composition of old vs new rigs in the roll off is also tabulated
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