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Mumbai, Dec. 21

Essar Oilfields Services Ltd (EOSL), a subsidiary of Essar Shipping & Logistics, Cyprus, said that it had taken delivery of a semi-submersible rig.

This acquisition cost the company $220 million, said a statement from the company. The buy is in line with the company's plans to gain a significant presence in the contract drilling sector, it said.

EOSL said it has drawn up plans to invest over $400 million for acquisition of a diversified fleet of on-land and offshore drilling rigs.

(This article was published in the Business Line print edition dated December 22, 2006)
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