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Essar Shipping skyrockets on bagging $121-million contract to drill offshore wells

Essar Shipping Ltd. | Shipping | Transportation & Logistics | BSE: 533704 | NSE: ESSARSHPNG

23 Mar 2012 Evaluate

Essar Shipping is currently trading at Rs. 28.60, up by 1.70 points or 6.32% from its previous closing of Rs. 26.90 on the BSE.

The scrip opened at Rs. 28.25 and has touched a high and low of Rs. 29.60 and Rs. 28.25 respectively. So far 61000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 95.00 on 15-Nov-2011 and a 52 week low of Rs. 16.20 on 19-Dec-2011.

Last one week high and low of the scrip stood at Rs. 29.75 and Rs. 25.45 respectively. The current market cap of the company is Rs. 586 crore.

The promoters holding in the company stood at 83.71% while Institutions and Non-Institutions held 8.53% and 7.76% respectively.

Essar Shipping (ESL) has bagged $121-million contract to drill offshore wells in Indonesia. It will drill 11 offshore wells for the US-based ConocoPhillips. The company is going to mobilize the contract with Essar Shipping's semi-submersible offshore drilling unit, Essar Wildcat.

ConocoPhillips has been present in Indonesia for over 40 years, operating seven production-sharing contracts comprising 19,348 sq. miles. Earlier Essar Wildcat has earlier drilled for Gujarat State Petroleum Corporation off the east coast of India in the Krishna-Godavari basin. After that both has been working with Vietsovpetro (a joint venture between PetroVietnam and Russia's Zarubezhneft) offshore Vietnam for the past year.

The oilfields services business provides contract drilling services to oil and gas companies across the globe. This business owns one semi-submersible rig and 12 land rigs.

Essar Shipping Share Price

27.40 0.33 (1.22%)

22-Apr-2026 15:40 View Price Chart

Peers

Company Name	CMP
Shipping Corpn.	297.70
GE Shipping	1454.00
Dredging Corp	968.90
Seamec	1519.20
Shreeji Ship.Global	366.35
View more..

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Essar Shipping skyrockets on bagging $121-million contract to drill offshore wells

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