ONGC scraps jack up rig tender as bids jump 60 percent and cartel fears surface

Day rates surged nearly 60 percent as bid patterns looked orchestrated

State-run ONGC cancelled a jack-up rig tender after spotting unusual bid patterns and steep price hikes it suspects are collusive. The company says day rates rose almost 60% in nine months, far above market expectations. ONGC wants fair competition and to protect public money by tightening procurement integrity and preventing cartelisation.