"We are talking to various private players for manufacturing (off-shore) oil rigs... we are talking to L&T and Pipavav," the
BHEL official said. The company had earlier decided to quit its deep water oil rig business as it was unable to find a suitable partner due to investments Constraints.
The plan to revive the business follows the revival in oil prices on the back of signs of the improving economic scenario which in turn has revived exploration business and the resultant increase in demand for oil rigs. The Navratna power equipment major would soon start talks with the upstream oil companies like ONGC and Oil India for supplying deep sea oil rigs. "We would be approaching the oil companies for supplying the components," the official said.
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