Rigs demand: Offshore support companies on rise


As the quest for discovering oil hidden deep under the sea bed gathers momentum, fortune of Indian companies engaged in providing offshore support solutions to oil exploration companies have been riding high on the bourses.

 The biggest development in this sector was the announcement of NELP-VI in February 2006, under which a total of 55 blocks were offered, including 30 offshore blocks. Further, ONGC, along with its overseas arm ONGC Videsh Ltd, and ONGC Mittal Energy and Reliance Industries Ltd have been scouting for opportunities all over the world. (also see: Reliance Building Assets world over)

 OMEL has bagged two blocks in Nigeria, estimated to have reserves of about 500 million barrels each.

Considering that less than half the wells awarded since 2000 have been drilled, the demand for rigs is set to remain high in the near future. The government has decided to offer more exploration blocks under NELP VII in the coming days.

 

The higher level of exploration activity in India has increased the demand for rigs over the past few years. In 2005-06, about 35 rigs were operating in India (including jack-up rigs, drill barge, platform rigs and drill ships). This rose to 45 in 2006-07 and is expected to go up to 50 by the end of 2007-08 (These figures include ONGC-owned rigs).

Companies such as Aban Offshore, Dolphin Offshore, Garware Offshore, Jindal Drilling & Industries  and Duke offshore, apart from shipping companies such as Great Eastern Shipping that are operating in this space, have seen brisk trades at the counters in the last few weeks. Internationally, a rig could fetch a daily hire charge of about $ 3,00,000 at present,  Great Offshore a leading integrated offshore service company, had placed the order for the rig with Bharati Shipyard. Betting big on the rig, scheduled to be delivered by April 2009, Great Offshore clinched a five-year contract from ONGC for deploying it.

Source: HIndu, Rediff, News

    • naveen
    • January 7th, 2008

    a success can never be a stoppage for a winner as it force to achieve higher than previous goals.

    now this fact contradict with the theories given for the level of satisfaction but it is just a myth.

    this should be taken as other way round-
    as if u work and achieve success this will be a path of satisfaction as well as the path of dissatisfaction depending on your attitude. if this success leads you to spiritual satisfaction means you dont have any physical desire to enjoy the success and sacrifice all it to any spiritual entity then it will guide you to another big success and higher level of satisfaction

  1. if u have anu type of vacancy.plz forward me all details.i hav all type of candidate

  1. July 1st, 2008

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