Deep Industries Ltd. on Thursday announced that it has received a Letter of Award from the Oil and Natural Gas Company (ONGC) for hiring one mobile drilling rig of 1,000 HP for three years for an Ahmedabad asset.
The estimated value of the award is around Rs 106 crore ($12.93 million).
Deep Industries will provide the mobile drilling rig and equipment together with manpower in terms of roustabouts etc. for maintaining the mud systems as per the requirement of the order.
At the beginning of the month, the petroleum refinery giant reported its December quarter earnings. The company saw a profit of 44.6 percent at Rs 24.6 crore from Rs 17 crore in the same quarter last year. Revenue went up by 30.1% to Rs 98.05 crore, which led to an increase in the margin as well.
During the same period, Deep Industries announced a stock spilt of 2:1. This meant that a shareholder would receive an additional share for each share held.
Last year in December, Deep Industries received an LoA worth Rs 135.19 crore from ONGC. The company also completed the acquisition of Dolphin Offshore Enterprise through the debt resolution process in December 2022.
Deep Industries provides various equipment and services in oil and gas field operations on a rental and chartered-hire basis. It provides air and gas compression services, drilling and workover services, and gas dehydration services. The company is also a leading player in integrated project management services in the oil and gas sector.
Shares of Deep Industries are trading higher by 0.26 percent at Rs 275.
(Edited by : Rukmani Krishna)
