Scottish explorer Cairn Energy today said it has secured two state of the art drilling rigs for its exploration campaign in offshore Greenland.
"Leiv Eiriksson, a fifth generation semi-submersible drilling rig and the Ocean Rig Corcovado, a sixth generation drillship, have been contracted to operate in the 2011 drilling season on Cairn's offshore Greenland exploration programme," the company said in a press statement.
Both the dynamically positioned drilling vessels are operated by Ocean Rig.
"Subject to approval from the government of Greenland, Cairn intends to drill up to four wells in 2011," the statement said.
Cairn said it has raised $900 million in debt to meet financing needs of the contract. The "stand-by secured revolving debt facility" has been provided by Standard Chartered Bank, Bank of Scotland, Credit Agricole Corporate and Investment Bank, HSBC Bank and Societe Generale.
Its CEO 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. We look forward to drilling up to four exploration wells offshore Greenland during 2011."
