Essar Shipping, part of the Essar Group, has received an order from New Sino Oil Company to drill five wells in Brunei. Essar Oilfield Services India (EOSIL), a wholly owned subsidiary of Essar Shipping will execute the drilling of these wells. LR no. 4, the deep drilling land rig operated by EOSIL, will be deployed in Brunei for NSOC from August 2012. LR no. 4 is currently undergoing refurbishment in the Middle East and will be mobilized to Brunei shortly to undertake this contract. EOSIL won the contract in a global bid.
This contract, expected to last initially for about 9 months, includes the option of extending it to drill three additional wells in and around the same area. The extension would bring the total duration of the drilling program to 15 months.
Besides, Essar Shipping has won another contract for its Rig LR3, from B.G. Shirke who will commence drilling operations in their first exploration venture in India during May 2012. The two contracts are expected to generate total revenues in the region of $25 million over a period of about 15 months.
EOSIL provides contract drilling and related services to oil and gas companies worldwide, operating both offshore and onshore. The company currently owns a fleet of 13 rigs, which includes one semi-submersible rig and 12 onshore rigs.
Essar Shipping operates a diversified fleet of 27 vessels, including VLCCs, Capesizes, MiniCapes, Supramaxes, mini bulk carriers and tugs. A sizeable part of the capacity is deployed on long-term contracts and COAs, insulating the company from the volatility of spot markets.
| Company Name | CMP |
|---|---|
| Shipping Corpn. | 305.85 |
| GE Shipping | 1425.30 |
| Dredging Corp | 976.65 |
| Seamec | 1556.00 |
| Shreeji Ship.Global | 377.10 |
| View more.. | |
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