facebook
twitter
search
search

Hercules Offshore signs rig deal with Cairn

Sept. 4, 2013 at 6:58 AM

HOUSTON, Sept. 4 (UPI) -- Cairn India Ltd. signed a $36.6 million contract to use the Hercules Triumph drilling rig in the Indian Ocean, Hercules Offshore announced.

Hercules said Cairn should have the rig ready for use in the Indian Ocean by October. Neither company identified the reserve basin it would target with the Hercules Triumph rig.

Cairn in July said it was designating most of a $3 billion investment targeting the domestic energy sector on the Barmer oil fields, the largest in the country. Cairn said it wants to reach a production level of 210,000 barrels of oil per day by the end of the current fiscal year.

Hercules President John Rynd said the $36.6 million contract shows his company is attractive to international investors.

"Our initial contract for the Hercules Triumph demonstrates the strength of demand worldwide for this quality of rigs," he said in a statement Tuesday.

Walter Oil & Gas Corp. reported it lost control of a natural gas well in the Gulf of Mexico while preparing it for production July 23. By the next day, a natural gas cloud had ignited, destroying part of a rig owned by Hercules Offshore.

The well was sealed naturally by sediment and debris in a process known as bridging. No injuries or major environmental damage was reported during the incident.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Topics: Cairn India
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
Aetna to acquire Humana for $37 billion in cash, stocks