Watson, Farley & Williams has acted in the purchase of a US$160m jack-up rig for offshore oilfield service provider, Aban Loyd Chiles Offshore Ltd.

Chris Low and Kate Roberts at the firm's Singapore office acted on the deal.

In 2005, the Singapore office acted in a series of acquisitions and financings of several rigs, including representing DBS Bank in the project financing of a Baker Marine jack-up rig, and advising Mermaid Drilling on rig acquisitions in June.       

However, Partner Chris Lowe said this recent deal was the first of this nature from an Indian company.

"Aban Loyd Chiles is the first Indian offshore oilfield company to be involved in this type of purchase," said Lowe.

This latest transaction hints at future opportunities with Indian oil drilling and exploration companies for the Singapore office. Lowe also anticipates renewed interest in the establishment of offshore oil & gas operations in Singapore given the anticipated tax exemption of such operations from Singapore.

"There is definitely an increased appetite and confidence in the Indian market," he said. "The ability of Indian companies to explore resources is increasing. We're confident that opportunities exist in the Indian market and we expect to see more opportunities like this in future".