ONGC secures jack ups for offshore drilling

Oil and Natural Gas Corp. Ltd. (ONGC) signed two 3-year contracts with Hercules Offshore Inc., Houston, for the Hercules 258 and Hercules 260 jack up rigs for a drilling program off India.

Dec. 7, 2007

By OGJ editors
HOUSTON, Dec. 07 -- Oil and Natural Gas Corp. Ltd. (ONGC) signed two 3-year contracts with Hercules Offshore Inc., Houston, for the Hercules 258 and Hercules 260 jack up rigs for a drilling program off India.

The $121 million contract for the Hercules 258 is expected to begin in May 2008 following completion of another project also off India. The $156.6 million contract for the Hercules 260 is to start in March 2008 following completion of shipyard work on the rig. The contracts' value excludes reimbursable expenses and $6.5 million for mobilization of both rigs.

Transportation of the Hercules 260 to India is to begin this month upon completion of shipyard work.