ONGC finding it hard to get offshore rigs in a 'tight' market

ONGC is again in the market for eight jackup rigs, including five conventional and three high-pressure, high-temperature rigs. And this time, it is not taking chances, holding roadshows aggressively and trying to reach out to as many potential service providers as possible. It has substantially increased the mobilisation fee and introduced several terms favourable to rig suppliers.

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