Jindal Drilling Secures Major Contract with ONGC for Rig Deployment
Jindal Drilling & Industries Ltd has been awarded a contract by the Oil & Natural Gas Corporation Limited (ONGC) for the deployment of its rig, Jindal Pioneer. The contract involves the deployment of the drilling rig over a period of three years.The terms of the award include an Effective Day Rate (EDR) set at Rs. 45,83,215.16, which is equivalent to USD 47,893.99. The contract was secured from the domestic entity, ONGC, for the deployment of the rig.
Jindal Drilling & Industries confirmed that Rig Jindal Pioneer is currently undergoing refurbishment. Consequently, the commencement of the contract is expected in Q3 FY27.
The key details regarding this contract awarded by the domestic entity are summarized as follows:
| Awarding Entity | Contract Term | Rig Name | Duration | Effective Day Rate (EDR) |
|---|---|---|---|---|
| Oil & Natural Gas Corporation Ltd. (ONGC) | Domestic | Jindal Pioneer | 3 years | Rs. 45,83,215.16 equivalent to USD 47,893.99 |
The contract is noted as not involving any related party transactions and the awarding entity has no stated interest in the company's promoters or promoter group.
JINDRILL Stock Price Movement
Shares of Jindal Drilling And Industries Limited are rallying as of 10:55 AM, currently trading at ₹602.45 after edging up 4.22%. The stock maintains strong intraday momentum, holding within a price band established between the day's low of ₹576 and a high of ₹611.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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