Essar Oilfield to procure two jack-up rigs for $440 mn

Essar Group company Essar Oilfield Services plans to procure two jack-up rigs for $440 million, a top official of the company said.

"We are in the process of procuring two jack-up rigs at a cost of USD 440 million. These rigs are expected to join our fleet within the next 24 months," Essar Shipping Ports and Logistics Director V Ashok, who is also the CFO of Essar Oilfield Services, told reporters at its KG Basin facility.

The company was also looking at procuring other assets, including offshore drilling assets, which would be in synergy with its expansion plans, Ashok said.

EOSL, which is in the process of being brought under the fold of Essar Shipping Ports and Logistics, was planning to expand its fleet to cater to the ever-growing oil exploration and production market, he said.

"As the company acquires new assets, it plans to tap the offshore and onshore drilling markets outside India. It is currently looking at various opportunities in the onshore and offshore drilling space in several regions including the Norwegian region, Latin America, West Asia, Africa and Asia," Ashok said.

At present, EOSL has a fleet of 13 land rigs and one semi-submersible rig.