Oil and Natural Gas Corporation (ONGC), which has cancelled a five-year rig supply contract with Great Offshore, plans to issue a new tender.

The company cancelled the contract with Great Offshore as it could not supply the rig in time. The Great Offshore rig, which is being built at Bharati Shipyard in India, was supposed to be built by May but construction could not go ahead due to credit problems.

The rig will now take about five months to complete.

ONGC had originally planned to hire the shallow water rig for INR7.3m a day for five years.

By staff writer