4 Sep

Cairn Energy secures two rigs for its drilling campaign off Greenland coast

first_img OIL and gas firm Cairn Energy said it has secured two rigs for its controversial Greenland drilling campaign yesterday, boosting Arctic exploration hopes and sending its shares higher.Cairn is optimistic it will find substantial oil reserves in largely unexplored Greenland, saying it contracted the rigs to drill up to four wells in the Arctic region in 2011.The deepwater rigs will be operated by their owner, Norwegian-based Ocean Rigs.“We would view this update as positive given concerns that Cairn would struggle to secure rigs for this year’s campaign,” said Oriel analyst Richard Rose.Cairn said it would give further details on its drilling plans in due course, which the analyst said could start as soon as April if the company opts to drill in Southern Greenland, as it secured a $900m (£578m) debt facility to help secure the rigs.Standard Chartered, Bank of Scotland, Crédit Agricole, HSBC and Société Générale are providing the debt facility, which will also be used to fund general corporate purposes.Chief executive Bill Gammell said: “By contracting two vessels for the Greenland exploration programme Cairn has increased operational capability and flexibility and continues to demonstrate its focus on safety.”Shares in Cairn yesterday closed 11.60p higher, or 2.76 per cent, at 431.6p. Tuesday 4 January 2011 7:26 pm Tags: NULL Show Comments ▼ whatsapp Cairn Energy secures two rigs for its drilling campaign off Greenland coast KCS-content whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKansas coach fired for using N-word toward Black playerthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.com Sharelast_img

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