Essar Oilfields Services Limited (EOSL) has been awarded a $250 million drilling contract from the Gujarat State Petroleum Corporation Ltd (GSPC) for drilling in the Krishna Godavari (KG) basin on the east coast.
The work will involve drilling up to 5,600 meters and is for a period of two years with an option to extend by a year each for two more years.
Renowned companies like Tran Ocean and Sea Drill of the US and Japan Drilling had also bid for the work.
In order to execute the contract, EOSL has recently acquired a semi-submersible rig called Essar Wildcat. The rig, acquired at a cost of $220 million, is an anchor-moored, self-propelled drilling rig suitable for deployment in depths of 1,350 feet and can be upgraded for deeper waters. The rig has a drilling depth capacity of 25,000 feet and is equipped with top drive; automatic pipe handling systems and rough weather bop launch system.
The contract will enable Essar to re-establish itself as a globally preferred drilling contractor. Essar has considerable experience and track record in contract drilling services. It was the first Indian company to offer contract drilling services in 1985 for both onshore and offshore exploration and production activity.
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