UK based oil and gas firm Cairn Energy has secured two drilling vessels for its 2011 dual rig exploration program offshore Greenland.
The ‘Leiv Eiriksson’, a fifth generation semi-submersible drilling rig and the ‘Ocean Rig Corcovado’, a sixth generation drillship, have been contracted for operating in Cairn‘s offshore Greenland exploration program.
Cairn intends to drill up to four wells in 2011, subject to approval from the Greenland government.
Cairn has entered into a stand-by secured revolving debt facility of $900m to provide the immediate liquidity required to enable the group to agree these contracts.
The company said that the funding will also be used for other corporate purposes.
The facility is provided by Standard Chartered Bank, Bank of Scotland, Credit Agricole Corporate and Investment Bank, HSBC Bank and Societe Generale.
Cairn chief executive Bill Gammell said that by contracting two vessels for the Greenland exploration program, Cairn has increased operational capability and flexibility and continues to demonstrate its focus on safety.