Deep Industries hits 52-week high; co bags order from ONGC

The company acquired (74%) equity stake of Breitling Drilling Private Limited and consequently it becomes a subsidiary of the company.

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Deep Industries share price touched a 52-week high of Rs 220.05, gaining 12 percent in early trade on July 13 as the company received an order from ONGC.

Deep Industries has received Letter of Award (LoA) from Oil and Natural Gas Corporation Limited on July 12 for Charter Hiring of 1 numbers of 90 MT Mobile Drilling Rigs with Integrated Mud Services & METP with Manpower for a period of 3 years for CBM Asset, Bokaro.

The total estimated value of the said award is approximately Rs 130 crore.

Deep Industries shall provide complete drilling rig and equipment conforming to the broad and general standards as mentioned in the technical specifications of the tender document.

The said contract is to be executed in 3 years from the commencement date of contract.

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The company acquired (74 percent) equity stake of Breitling Drilling Private Limited and consequently it becomes a subsidiary of the company.

Breitling Drilling Private Limited (BDPL) is a Private limited company engaged in the business of providing and operating rigs, vessels, ships, structure, oil/ gas/ CBM/ shale/ hydrocarbons field services such as mud engineering, mud logging, cementing, hydro-fracturing, work-over, testing, wire line logging inspection, repairs and reconditioning of tubular, and handling of oil for oil and natural gas industry in India.

Deep Industries (DIL) has made investment of Rs 7,400 by subscribing 740 equity shares in BDPL of Rs 10 each.

At 09:34 am, Deep Industries was quoting at Rs 207.90, up Rs 11.55, or 5.88 percent on the BSE.

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