Aban 8 answers Iran’s Phase 12 call
Photo by Sembcorp Marine
The recently christened jack-up drilling rig Aban 8 is set to sail from
Singapore’s Sembawang Shipyard next month to start a four-year drilling
campaign for Iran’s Petropars.
Last month India’s Aban Offshore said that it had landed work for the rig an
18-well programme in the Middle East, bringing an estimated $300 million in
revenues to the company over four years.
Upstreamonline understands that the rig has been contracted by Iran’s
state-owned Petropars for the Phase 12 development of the South Pars gas
field in the Persian Gulf and is due to spud the first appraisal well in
June.
Some industry observers said that the Iranians may have to pay extra for
today’s political risk factor, but based on Aban’s revenue estimates, rig
brokers said that at the time the company agreed the deal, the contract was
fixed at a good price.
“$205,000 per day is a good rate, considering today's rates are around
$190,000 to $200,000. I have not come across any sort of increase in
insurance for political risk factor,” a Singapore-based rig broker told
Upstreamonline.
There would only be a problem with rigs heading to Iran if they were US-owned
or financed by a US bank, otherwise it is smooth sailing, added the broker.
The newbuild Baker Marine Pacific Class 375 rig has been customised to meet
Aban Offshore’s requirements for operations in the Indian Ocean.
The rig is equipped to drill high pressure and high temperature wells to
30,000 feet in water depths of up to 375 feet, said the rig’s builder,
Sembcorp Marine. The rig has berths for 120 crew.
The rig was christened Aban 8 by Deepa Reji, wife of Reji Abraham, managing
director of Aban Offshore, in a naming ceremony at Sembawang Shipyard on
Saturday.
The Aban 8 was built by a joint venture comprising Sembcorp Marine’s offshoots
PPL Shipyard and Sembawang Shipyard. PPL provided design and procurement
services whilst the building and commissioning of the rig was handled by
Sembawang Shipyard.
“We are indeed very pleased with the results of our first collaboration and
certainly look forward to a long-term partnership with both PPL Shipyard and
Sembawang Shipyard,” said Abraham.
The rig is Aban’s first BMC Pacific 375 design rig and the ninth rig of its
class to be built.
Aban Offshore is listed on the Mumbai Stock Exchange with a market
capitalisation of $500 million. The outfit currently owns eight rigs, one
drillship and one floating production unit, all hooked up on long-term
deals.
21 April 2008 04:04 GMT
| last updated:
21 April 2008 10:36 GMT
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