Financial Daily from THE HINDU group of publications
Tuesday, Feb 24, 2004
Financial Daily from THE HINDU group of publications Tuesday, Feb 24, 2004 |
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Corporate
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Announcements Aban Loyd to buy rig from French co Pride Our Bureau
Chennai , Feb. 23 ABAN Loyd Chiles Offshore Ltd plans to buy a 300-feet jack up rig from Pride Foramer SAS of France. The rig is now working under a contract with the Oil and Natural Gas Corporation in Mumbai High, according to information provided by Aban Loyd to the stock exchanges. Aban has said that it has signed an agreement with Pride Foramer to buy the rig, subject to approvals from various agencies. Pride Foramer is a wholly-owned subsidiary of Pride International Inc of Houston, USA. When contacted, Aban officials declined to provide more details. Aban Loyd has three offshore drilling ships and a floating production facility. The rigs can drill up to a depth of 6,000 metres in waters of 20 feet to 300 feet depth. Aban also has a joint venture with Frontier Drilling ASA of Norway for offshore oil exploration using drill ships in waters more than 300 feet deep.
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