July 9, 2008
ABG Shipyard negotiating jack-up contracts
India's ABG Shipyard has responded to local press reports saying that Essar Shipping Ports and Logistics Ltd has placed an order with it for two jack-up rigs for $440 million. An unnamed Essar executive was quoted as saying that the company will take delivery of the first jack-up by October 2010 and the next by January 2011.
In a stock exchange announcement today, ABG Shipyard said it is "in an advanced stage of negotiations with various parties including Essar Shipping Ports and Logistics for the construction of jack-up rigs. However, no formal contract has been concluded to this effect between the company and any other parties, as on date."