Geodynamics Sells Rig (Upstream Online)
Australian geothermal energy company
Geodynamics has sold a custom-built National Oilwell Varco rig for A$21 million (US$21 million), to coal bed methane company
Pangaea Resources, the company has announced.
Geodynamics chief executive Geoff Ward said the sale of Rig 200, a 3000 HP, 1 million pound A/C rig, would bolster the company’s balance sheet amidst difficult market conditions.
