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ONGC's Jack-Up Rig tender-I: Anticipated bid prices
Jun 22: ONGC has extended the last date for submission of documents for charter hire of 8 jack-up rigs for three years to June 30, 2017 in order to be able to allow more bidders to come in.
8This is a tender that has cheered the otherwise depressed global jack-up market which is currently going through its most difficult phase.
8The day rates are likely to fall from from what were ONGC's last hiring rates.
8Improvements in day rates are not anticipated until later in the decade. Historically, marketed utilization must return to  about 85% for pricing power to return to the jack-up industry.
8For reference purposes, the website carries here an analysis of what kind of prices are expected and what are ONGC's own reserve prices for such rigs
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