Cairn secures contract for Cajun Express drilling rig
Cairn Energy, the FTSE 250 oil and gas group, has secured a long term contract with Transocean for the Cajun Express drilling unit.
Cairn Energy, the FTSE 250 oil and gas group, has secured a long term contract with Transocean for the Cajun Express drilling unit.
The rig, which is on an initial one-year contract, will be used on Cairn's planned multi-well frontier exploration programme in Senegal, Morocco and potentially other areas.
Operations will take place offshore Morocco on the Foum Draa licence in the second half of this year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The deep-water rig also has shallow mooring capabilities, and its performance to date indicates that it is a highly efficient rig with low operating downtime, the group said.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Water bills set to rise by 21% a year – how to cut costs
Households could see their water bills soar by roughly 21% annually, but suppliers warn it’s not enough to address essential repairs.
By Oojal Dhanjal Published
-
Should you invest in Canada?
Canada presents a compelling opportunity for investors who want to look beyond the US. Greg Eckel of Canadian General Investments highlights four favourites
By Greg Eckel Published