Greenland: Cairn hires rigs for 2011 drilling

By OGJ editors
HOUSTON, Jan. 4
– Cairn Energy PLC has secured two rigs to handle its 2011 exploratory drilling program off Greenland, where the company plans to drill as many as four wells (see map, OGJ, Aug. 24, 2009, p. 38).

The dynamically positioned units are the Leiv Eiriksson fifth generation semisubmersible the Ocean Rig Corcovado sixth generation drillship.

To provide the immediate liquidity required to enable the group to sign the contracts, Cairn entered into a $900 million standby secured revolving debt facility that will also provide funding for general corporate purposes.



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