Deep Industries Secures ONGC Contracts for Workover Rigs

Deep Industries Limited announced in a stock exchange filing that the company had received Letters of Award from Oil and Natural Gas Corporation Limited (ONGC) for the charter hiring of two workover rigs. The contracts entail one 100MT workover rig for Tripura and one 150MT workover rig for Rajahmundry. The total estimated value of these awards is approximately ₹82 crores.

The significant terms and conditions of these contracts include the charter hiring of the specified rigs, which are to be deployed for three years each at their respective locations. Both contracts have been awarded by ONGC, a domestic entity, reinforcing Deep Industries’ strong presence and operational capabilities within India.

The 100MT workover rig will be used in Tripura, while the 150MT workover rig will be utilised in Rajahmundry. Workover rigs are essential for maintaining and enhancing the productivity of oil and gas wells by performing operations such as re-drilling, completion, and remedial tasks. The deployment of these rigs will play a crucial role in supporting ONGC’s exploration and production activities in these regions.

These contracts are to be executed over a three-year period, during which Deep Industries will provide the necessary equipment and expertise to ensure efficient and reliable operations. This partnership with ONGC highlights Deep Industries’ commitment to delivering high-quality services in the oil and gas sector and strengthens its position as a leading service provider in the industry.

In summary, the receipt of these awards from ONGC is a significant achievement for Deep Industries Limited, reflecting its capability and reliability in providing essential services to India’s oil and gas industry. This collaboration is expected to enhance operational efficiencies and contribute to the company’s growth and success in the sector.

About Deep Industries

Deep Industries Ltd operates in the oil and gas field services sector. The company specialises in Air and Gas Compression Services, Drilling and Workover Services, and Gas Dehydration Services. Additionally, Deep Industries offers integrated project management services.

On July 15, 2024, the share price of Deep Industries Ltd opened at ₹335.00, touching the day’s high at ₹335.00, as of 9:33 AM on the NSE.

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