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Jindal Drilling rises on acquiring offshore jack-up rig

Jindal Drilling & Industries rises 2.11% to Rs 138 after the company announced the acquisition of an offshore jack up rig from Venus Drilling Pte.

November 18, 2021 9:15 IST | capital market
In a regulatory filing on Wednesday, Jindal Drilling announced that it has acquired an offshore jack-up rig Jindal Supreme from Venus Drilling Pte. for $16.75 million. The company received receipt of requisite approval from the seller.

The rig is currently operating under contract with Oil and Natural Gas Corporation, the company said in a filing.

Jindal Drilling & Industries is engaged in providing services to entities involved in exploration of oil and gas.

The company reported a net profit of Rs 7.53 crore in Q2 FY22 as against a net loss of Rs 1.52 crore posted in Q2 FY21. Net sales increased 16% year on year to Rs 100.23 crore in Q2 FY22.

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