ABG Shipyard bags first Rig Order from Essar Oilfields Services Ltd

03 Nov 2008

ABG Shipyard Ltd has bagged a prestigious order for the construction of 2 units of premium self elevating jackup, JU-2000A, Rigs from Essar Oilfields Services Ltd, Mauritius. These Rigs will have the operating capacity of up to 350 ft. Water Depth and a drilling depth capacity of 30,000 ft.

 

The innovative features of this design include increased storm criteria, extended reach cantilever, lightweight, an efficient drilling package, and F&G's Advanced Rack Chock System. The JU-2000A also includes Single Point Discharge System and High Preload System. The total order size is approx. US $480 Mio (Rs 2,400 crore approx).

Essar Oilfields Services Ltd (EOSL)., is a wholly owned subsidiary of Essar Shipping & Logistics Ltd with its main focus on offshore and onshore drilling activities. EOSL has considerable experience and a proven track record in contract drilling services. It was the first Indian Company to offer contract drilling services in 1985 for both onshore and offshore exploration and production activity.

With the above order, the total order book of the Company stands at approx. US $ 2.91 Billion (Rs 14,550 crore). At CMP of Rs 117, the stock trades at 3.6x its TTM earnings of Rs 32.6.

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