Economy

Cairn secures 2 rigs for Greenland exploration

PTI London | Updated on January 04, 2011 Published on January 04, 2011

File picture of offshore oil rigs   -  Business Line

Scottish explorer Cairn Energy Plc has secured two latest drilling rigs for its exploration campaign in offshore Greenland.

“Leiv Eiriksson, a fifth generation semi-submersible drilling rig and the Ocean Rig Corcovado, a sixth generation drillship, have been contracted to operate in the 2011 drilling season on Cairn’s offshore Greenland exploration programme,” the company said in a press statement.

Both the dynamically positioned drilling vessels are operated by Ocean Rig. “Subject to approval from the Government of Greenland, Cairn intends to drill up to four wells in 2011,” the statement said.

Cairn said it has raised $900 million in debt to meet the financing needs of the contract. The “stand-by secured revolving debt facility” has been provided by Standard Chartered Bank, Bank of Scotland Plc, Credit Agricole Corporate and Investment Bank, HSBC Bank Plc and Societe Generale.

The company CEO, Mr Bill Gammell, said: “By contracting two vessels for the Greenland exploration programme, Cairn has increased the operational capability and flexibility and continues to demonstrate its focus on safety. We look forward to drilling up to four exploration wells offshore Greenland during 2011.”

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Published on January 04, 2011
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