Jindal Drilling & Industries has received approval to purchase jack-up rig ‘Jindal Pioneer’ from Discovery Drilling, Singapore, (a joint venture of the company), a related party, at a consideration of $75 million, subject to regulatory approvals. The said rig is presently deployed by Discovery Drilling, on a bareboat charter with Saimexicana S.A. de C.V. in Mexico at a day rate of $35,000 net of withholding taxes, which will increase sequentially during the present contract to continue till December, 2025.
The said acquisition will be funded by internal accruals. It shall improve operational synergies, increase the scale of operations and profitability of the Company. The Board of Directors of the company at its meeting held on March 18, 2024, has approved the same.
Jindal Drilling & Industries is one of the leading drilling contractor in India providing service to national and international E&P companies.
Company Name | CMP |
---|---|
ONGC | 282.85 |
Oil India | 627.70 |
Jindal Drilling&Inds | 790.50 |
Hind Oil Exploration | 206.85 |
Deep Industries | 289.50 |
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