PDF generated on: Tue, Jan 25, 2011

NDC sets $1.3b plan to replace ageing rig

fleet
ABU DHABI, 7 Mar, 05 (WAM) - The Nation Drilling Company (NDC) is embarking on a ten-year plan
costing $1.3 billion to replace its ageing fleet of rigs.
"In total ten rigs will be replaced, one each year under the plan," said Abdul Munim Saif Al Kindi, general
manager, NDC, while speaking at the inauguration of a rig named Al Ittehad which was refurbished at the
MIS Sharjah costing $32 million. The ceremony was attended by Secretary General Superme Petroleum
Council and CEO ADNOC Group and other senior official of the petroleum companies. Kindi said that
NDC will complete the construction and delivery of its new rig Al Hail, by September and plan to shortly
award the construction of a second offshore rig, according to reports in the UAE's dailies.
He said that NDC was working on Rig Integrity Assurance Program (RIAP) which has been proved to be
a cost effective and efficient solution for NDC and the operator, with an estimated cost of investment per
Rig of 30-35 per cent of the cost of a new rig. It will insure that NDC offshore rigs are operated with high
integrity and in a safe manner for the next 15 years.
He said that Al Ittehad Rig drilled 129 wells and carried out re-entry work on 33 wells, and work over of
21 wells. The total footage drilled by the rig was 1.25 million feet, he said.
He said that NDC is not exceptional and more than 70 per cent of world offshore rigs are over 25 years
old. The whole industry has a pressing need to find an effective solution that will insure the continued
integrity of these rigs.
He said that in the current world market almost every single rig is being utilised, as the rate increases in all
regions including the Middle East, with more than 10 per cent hike in the last three months.

Article originally published by WAM (Emirates News Agency) 07-Mar-05

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