Varada-HVR Drilling is a marriage of two drilling start-ups presently with five jack-up rigs being built in India and China for delivery by December 2014.
The combined fleet size will have a value of more than $1 billion, or about $220 million per unit, and would rank the joint venture alongside medium-sized jack-up rig operators and boost the new entrant’s profile in an increasingly crowded drilling market, said Van Royen, who will head the outfit.
Agrawal-owned
