DD KG-1 will be made available to ONGC for a four-year period at a cost of about $800 million. ONGC will pay an initial dayrate of $495,000 for the first six months of the contract, increasing to $510,000 for the remainder of the charter period.
The deal has gained clearance from the ONGC board and a letter of intent will be handed over soon to Reliance, according to a senior ONGC official involved in the transaction.
Reliance
