Essar Oil Ltd (EOL) has completed the sale of its 11 rigs to the Bin Jabr Group of Abu Dhabi for US$60 million.

The Essar group company concluded the sale of the four deep drilling rigs and seven mobile-cum-workerover rigs to Abu Dhabi based group based on the advice of KPMG Corporate Finance and on the approval of the shareholders.

The proceeds from the sale of rigs would be used for downstream segment of the oil business, an EOL spokespersonis reported to have said.

The energy division, which owned the onshore rigs, is currently executing contracts in Oman, Saudi Arabia, Qatar and India.