ONGC secures jackups for India drilling program

Dec. 5, 2007
Oil and Natural Gas Corp. (ONGC) has awarded three-year contracts for the Hercules 258 and Hercules 260 jackup rigs for drilling offshore India.

Offshore staff

SINGAPORE -- Oil and Natural Gas Corp. (ONGC) has awarded three-year contracts for the Hercules 258 and Hercules 260 jackup rigs for drilling offshore India.

The $121-million contract for theHercules 258 is expected to begin in 2Q 2008 after completion of an existing contract offshore India. The $157-million contract for the Hercules 260 will begin in 1Q 2008 following shipyard work on the rig.

"We are extremely pleased to further accomplish our ongoing goals of expanding our international presence and significantly increasing our contract backlog," says Randy Stilley, president and CEO of Hercules Offshore. "These contracts confirm our belief that India represents an excellent location for our drilling rigs, and that demand for our drilling services in our targeted international locations remains strong."

12/05/2007