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OSV pricing by ONGC: Is it unfair?
Jun 18: ONGC is the largest market for OSVs in India, accounting for 69 of the 84 OSVs contractually committed as of date
8The E&P major has been following an aggressive policy of pushing down prices by enforcing a termination clause in the usually three-year long supply contract with OSV owners.
8So much so, that ONGC today boasts about having one of the lowest rates for OSVs and Jackup rigs in the world
8Is the policy of sending a termination notice and then pushing vessel and rig owners to match the lowest market rate a fair policy?
8ONGC has also terminated the pre-bid conference for supply vessels, leaving no formal way by which bidders can air their grievances.
8Is all of these practices unfair?
8Apparently they are, despite ONGC's protestations to the contrary.
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