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Massive response to ONGC tender for jackup rigs-I: Marginal costing will drive down rates
Jul 21: A massive response -- as many as 27 jackup rigs against the recent ONGC tender -- is a big sign that rig hire rates will now fall below ONGC's own reserve price.
8It is learned that as many as 10 Indian and foreign companies have offered these rigs in the tender
8Clearly, everyone is bidding aggressively
8The rigs rates are pegged keeping only variable costs in mind, as the alternative will be cold or warm stacking them or shelving them entirely
8Find out more on the baseline pricing that the bidders had taken into account while bidding for the ONGC tender
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