All content in this website is sourced legitimately
ONGC rig order puts squeeze on existing fleet owners-I: E&P major moves to one year contracts
Aug 30:
Existing private rig owners are going to be the first ones to feel the squeeze from ONGC's decision buy 27 onland rigs
8The decision will limit the existing bunch of rig owners from deploying their rigs in safe back-t0-back three-year arrangements with ONGC
8And while the rig market is expanding in India, with new players coming into the field, the quality of such deployments will not be the same as that of ONGC.
8It is learnt that OIL may soon follow on the heels of ONGC and acquire their own fleet of rigs too
8Meanwhile ONGC is curtailing the rig deployment contracts to one year only
8Tough times are ahead for Indian rig fleet owners
Click on Reports for more
**********************************
8The decision will limit the existing bunch of rig owners from deploying their rigs in safe back-t0-back three-year arrangements with ONGC
8And while the rig market is expanding in India, with new players coming into the field, the quality of such deployments will not be the same as that of ONGC.
8It is learnt that OIL may soon follow on the heels of ONGC and acquire their own fleet of rigs too
8Meanwhile ONGC is curtailing the rig deployment contracts to one year only
8Tough times are ahead for Indian rig fleet owners
Click on Reports for more
