India's offshore drilling sector is facing significant challenges as Oil and Natural Gas Corporation (ONGC), the country's largest oil and gas producer, has cancelled four tenders for hiring 15 jack-up rigs since 2024. This pattern of cancellations has raised concerns among rig operators, prompting ADES-Shelf Drilling, the world's largest jack-up rig operator, to consider withdrawing five rigs from the Indian market. The company has cited ongoing losses and a lack of clarity on contracts as key factors in its decision-making process. Currently, the average day rate for jack-up rigs in India is $35,565, significantly lower than the global average of $112,900. The most recent ONGC tender had day rates set at $55,000, which, although narrowing the gap, still falls short of global standards. Experts warn that if this trend continues, it could lead to a supply shock, negatively impacting domestic oil production and pushing rig operators to seek opportunities in more lucrative markets.