MOHIT KUMAR JAIN (CFO) 13 September 2015
In the above "Arrangement conveys a right to use the Asset", there is an embedded lease in the arrangement.
The embedded lease could be seen if the following two conditions are met:
Condition 1 - •Is the arrangement dependent on use of particular asset i.e rigs in the instant case? Answer is YES.
Condition 2 - Does the arrangement provide right to use/ control use of asset of X Company? Answer again is YES.