The Indian ABG Shipyard Will Deliver 1st Jack-Up Rig to Essar

By Curious

Essar Shipping, which is a part of Essar Group, is being expected to take delivery of the 1st jack-up oil rig from the Indian ABG Shipyard by December, which is followed by the 2nd one 6 months after that.
The expected jack-up oil rig forms an integral part of the order for $440 million which Indian ABG Shipyard has bagged from Essar Shipping in the middle of 2008.
According to the original contract the delivery of the Jack-up oil rig has been supposed to happen by Oct-2010 and the next to be by Jan-2011.
There had been a big delay in the delivery schedules as Essar has wanted special changes in the technical specifications for the goal of better deployability.
Technical improvements allow these oil rigs to be deployed in the Middle East, Mexico, or on the east coast of India, which attributes them with a higher level of flexibility.
The builder - Essar Shipping swung to a profit of Rs 54.98 crore in the quarter ending with 31 March, 2012 from a loss of Rs 0.67 crore from the previous year.
The firm has a strategy to deploy its ships on long-term charters that along with the drilling business, which contributes considerably to the improved financial performance of the firm in 2012.