Deep Industries announced that it has received a Letter of Award from Oil and Natural Gas Corporation Limited (ONGC) for charter hiring of one 90 MT mobile drilling rig with Integrated mud services and METP with Manpower for CBM Asset, Bokaro. The total estimated value of the award is approximately Rs 130 crore, the company said in a regulatory filing. The order is to be executed in three years from the commencement date of contract.
“The Company shall provide complete drilling rig and equipment conforming to the broad and general standards as mentioned in the technical specifications of the tender document,” it said.
Deep Industries specialises in providing air and gas compression services, drilling and workover services, gas dehydration services, and also having expertise in Integrated Project Management Services. It provides equipment and services for oil and gas field operations, both on a rental and chartered-hire basis.
In another regulatory filing, Deep Industries said that it has acquired a 74 per cent equity stake of Breitling Drilling Private Limited (BDPL), making it a subsidiary of Deep Industries Limited. The company acquired 740 equity shares with an aggregate investment of upto Rs 7,400 in BPDL through subscription to its shares. “Deep Industries Limited has made an investment of Rs 7,400 by subscribing 740 equity shares in BDPL of Rs 10 each,” it said in the regulatory filing.
BDPL is engaged in the business of providing and operating rigs, vessels, ships, structure, oil/ gas/ CBM/ shale/ hydrocarbons field services such as mud engineering, mud logging, cementing, hydro-fracturing, work-over, testing, wire line logging inspection, repairs and reconditioning of tubular, and handling of oil for oil and natural gas industry in India.
“The proposed investment in BDPL is expected to bring more operational efficiencies of the company. This investment will help DIL in developing more service offerings and strengthening the organization,” Deep Industries said.
