InterOil acquires US$4.5m drill rig

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INTEROIL Corp has acquired a second drilling rig worth US$4.5 million (K12.30 million) which is currently located in New Zealand.
In a statement, InterOil said it anticipated moving the rig to the country in the second quarter after completion of the transaction and refurbishment of tubular and other rotating equipment.
InterOil chairman and chief executive Phil Mulacek said: “We are very satisfied with the acquisition of the second rig which is outstanding in terms of design and capabilities and is particularly well-suited for operations in the area in which our development and exploration activities are being conducted.”
The 1,500hp heliportable “triple” rig with top drive was originally built by Parker Drilling.
The total cash consideration for the rig and an extensive inventory of drilling and oil field service equipment is NZ$$6.5 million (K12.30 million).