Jindal Drilling wins Rs 660cr ONGC contract

Jindal Drilling & Industries has been awarded a contract worth Rs 660 crore for newly built jackup rig, Discovery - I,  by Oil and Natural Gas Corporation (ONGC). The said rig is under construction at Keppel Fels Shipyard at Singapore and is expected to be delivered in September 2008 and will be deployed for operation under this contract immediately thereafter.

The contract is at operating day rate of  $1,59,660 per day for three year period on firm basis. With this the total order book of the company stands at Rs 2,500 crores, the company said in a filing to the BSE.

The company had entered the area of offshore drilling in the year 1988 by winning long term contract for 2 offshore jackup rigs from ONGC.  Share price of Jindal Drilling at 1420 hrs was at Rs 1178 - up over 7.27 % on the BSE.