The Hindu Business Line : Aban Loyd to buy rig from US co

CHENNAI: Aban Loyd Chiles Offshore Ltd has entered into an agreement with Rowandrill Inc of Texas to purchase a jack-up offshore drilling rig, Rowan Texas. The rig is now working in the Gulf of Mexico, according to an Aban Loyd press release.

According to an Aban official, the rig will cost about $45 million (about Rs 195 crore) and will be available after a month or two once it completes its contract. The acquisition will be funded by internal accruals and debt.

The release said that this was the fourth unit added to Aban's fleet since September 2004. Aban had acquired two jack-up rigs and one drill ship during the last financial year that are deployed in India and the Persian Gulf on long-term contracts. The total cost of acquiring the four rigs was about Rs 770 crore.

Once Aban completes the acquisition of Rowan Texas, it would own a fleet of eight vessels, including six jack-up rigs, one floating production unit and one drill ship, the release said.

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