(Asia-Pacific) - Oil and Natural Gas Corp. Ltd. (ONGC) of India has awarded contracts for five of Transocean Inc.'s jackup rigs totaling 15 rig-years and an estimated $805 million in revenues that could be generated over the primary terms of the contract.
The five jackup rigs -Ron Tappmeyer, Randolph Yost, Trident II, Trident XII and J.T. Angel - have each been awarded three-year contracts with revenues of approximately $161 million per unit possible over the period, excluding revenues for mobilization, demobilization, contract preparation, client reimbursables, and integrated services.
Each rig is expected to begin the new three-year contract in direct continuation of existing contracts and, with respect to theTrident II and J.T. Angel, following planned shipyard programs.
TheRon Tappmeyer, Randolph Yost, and Trident XII are currently under contract to ONGC in India, with contract completion dates expected in November 2006.
TheTrident II is also operating offshore India for ONGC, with a current estimated contract completion date in May 2006, followed by an estimated 120 days of out-of-service time for maintenance.
TheJ.T. Angel, which is currently operating offshore Indonesia, is expected to complete an existing contract with EMP Kangean Ltd. in February 2006, followed by an estimated 100 days of out-of-service time for maintenance and another contract in Indonesia, with an estimated duration of six months, which is pending under a letter of intent.