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Essar Shipping’s arm bags order worth Rs 32 crore from ONGC

24 Jan 2018 Evaluate

Essar Shipping’s step-down subsidiary - Essar Oilfields Services India (EOSIL) has been awarded a one-year, Rs 32-crore contract by ONGC to drill 30 wells at the latter’s coal bed methane (CBM) block in Bokaro, Jharkhand. The company will be deploying the MR 11 land rig for the job, which is expected to commence in the next few weeks.

EOSIL, which is close to posting a revenue of Rs 300 crore in the current fiscal, has three of its land rigs currently in operation. These rigs have been contracted with Oil India and Mercator Petroleum. Its offshore semi-submersible rig, the Essar Wildcat, is also deployed on a three-year Rs 850-crore contract with ONGC since May 2017, making this the company’s second drilling contract with the state-owned oil & gas exploration and production major.

Essar Shipping is an integrated logistics solution provider with investments in logistics services, sea transportation and oilfield drilling services.

Essar Shipping Share Price

27.79 0.62 (2.28%)
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Company Name CMP
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