Bharati to build oil rigs

The private Indian shipyard Bharati Shipyard has firmed up plans to foray into oil rig construction. The company, which operates three yards, has tied up with a major US-based oil manufacturing company for the project. The development comes with domestic majors crowding the Indian offshore space scouting for brand new oil rigs, which cost around $190 million apiece. Bharati has taken steps in direction of rig construction and the project is likely to take off within three months.

According to industry analysts, Bharati Shipyard would be the only domestic shipyard to have expertise to construct oil rigs. Keppel FELS of Singapore is the leading shipyard in the world building jack-up rigs and controls about 70% of the world?s new buildings order book. The oil rig building facility will be developed in Bharati Shipyard?s new site in Mangalore yard and the company has earmarked $107 million for developing Mangalore unit and other existing three yards. Meanwhile, companies including Great Eastern Shipping, Mercator Lines, Varun Shipping, Jindal Drilling, Aban Lloyd and others are scouting for oil rigs.