Deep Industries bags Rs 148-cr drilling rig contract from Oil India

Deep Industries said that it has secured a domestic contract from Oil India for the hiring of a 1000 HP mobile drilling rig package in Assam and Arunachal Pradesh.

The order, valued at approximately Rs 148 crore, is slated for execution over four years. The contract is fully domestic, with no involvement from the companys promoters or group entities, and does not fall under related party transactions.

This project reinforces Deep Industries footprint in the upstream oil and gas sector, strengthening its drilling operations capabilities in Indias northeast region.

Deep Industries is in the business of oil and gas field services. The company specializes in providing air & gas compression services, drilling and workover services, gas dehydration services, etc. The company also provides integrated project management services.

Oil India is engaged in exploration, development, and production of crude oil and natural gas, transportation of crude oil, and production of LPG. It also provides various E&P-related services for oil blocks.

Shares of Deep Industries fell 6.52% to end at Rs 381.30, while shares of Oil India declined 4.20% to close at Rs 455.20 on the BSE.

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