Shiv-Vani bags Rs 1,610 cr order from ONGC

Onshore integrated services provider Shiv-Vani Oil & Gas Exploration Services today said it has bagged an order worth Rs 1,610 crore from state-run Oil and Natural Gas Corporation (ONGC) for deployment of eight onshore deep drilling rigs.     

ONGC has awarded this three-year contract for charter-hire on an integrated well completion basis for its Tripura, Sivasagar and Rajamundry assets, Shiv-Vani said in a filing to the Bombay Stock Exchange.     

The contract is for deployment of one 3000 Hp rig and seven 1500-2000 Hp rigs and includes deep drilling and integrated services like cementation, directional drilling, mug engineering among others.     

Shiv-Vani would deploy two rigs in Tripura, four rigs in Assam and two rigs in Rajahmundry, the company added.     

 

"This large contract with integrated well services has given boost to its new initiatives and will significantly increase its revenues from integrated services which is a high margin job," the company said.     

With this contract, company's order book will cross over Rs 4,500 crore, it added.      

Shares of firm were trading at Rs 575.30, up 5.03 per cent in the afternoon trade on BSE.