Essar to invest in drilling rigs

Essar Shipping and Logistics in India said it will invest $400 million to acquire onshore and offshore oil drilling rigs. The Cyprus-registered firm has formed Essar Oilfields Services Ltd (EOSL) to focus on international and Indian onshore and offshore oil and gas drilling business.

“EOSL’s investment plan includes acquisition of a diversified fleet of rigs, for inland as well as offshore drilling,” a company press release said.