Deep Industries gets new Rs 106 crore contract from ONGC

6 Jun 2024 , 12:20 PM

Deep Industries Ltd. announced on Thursday that it has secured a Letter of Award (LoA) from Oil and Natural Gas Company (ONGC) for  a 1,000 HP mobile drilling rig for three years for an Ahmedabad asset. The estimated value of the contract is approximately ₹106 Crore ($12.93 million).

Deep Industries will provide the mobile drilling rig, equipment, and manpower, including roustabouts, for maintaining the mud systems as per the order’s requirements.

Earlier this month, the petroleum refinery company reported a 44.6% increase in profit to ₹24.6 Crore from ₹17 Crore in the same quarter last year. Revenue also surged by 30.1% to ₹98.05 Crore, resulting in an improved margin.

Deep Industries announced a stock split of 2:1 during the same period, where shareholders received an additional share for each share held.

In December last year, the company secured an LoA worth ₹135.19 Crore from ONGC and completed the acquisition of Dolphin Offshore Enterprise through the debt resolution process in December 2022.

Deep Industries offers various equipment and services in oil and gas field operations on a rental and chartered-hire basis, including air and gas compression, drilling and workover services, and gas dehydration services. It is also a key player in integrated project management services in the oil and gas sector.

At the time of writing, shares of Deep Industries were trading at ₹282 which is a 3.42% gain than the previous close. The stock has gained 61% in the last one year, and has gained 10% since the beginning of the year.

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