1. Home
  2. Maritime industry news - PortNews
  3. Essar Shipping inks $121m offshore drilling contract

2012 March 23   06:11

Essar Shipping inks $121m offshore drilling contract

India-based Essar Shipping clinched a $121m contract from US-based ConocoPhillips to drill 11 offshore wells in Indonesia, Seatrade Asia online reports. Essar Shipping's semi-submersible offshore drilling unit Essar Wildcat was mobilised for the contract and is now deployed with ConocoPhillips.

“We won among the deal a field of strong competitors such as Transocean and Maersk Drilling,” said A.R. Ramakrishnan, managing director at Essar Shipping.

Ramakrishnan said that the offshore and onshore drilling business, which is a corollary to the shipping business, is adding a lot of value. The rig earns around $285,000 a day, making it a high EBIDTA-margin business.

“We will look at more of international opportunities as we plan to have a strong foothold in the Far East market,” he said. “We have done projects about a year-and-half in Vietnam, commenced in Indonesia and having dialogues in Malaysia and Indonesia.”

Latest news

2025 June 4

Mon Tue Wed Thu Fri Sat Sun
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31