Deep Industries secures 7-year ONGC contract worth INR 90.70 crore for Assam

Noor Mohmmed

03/Jan/2025

What's Covered:

Deep Industries wins a 7-year ONGC contract for a 100MT Workover Rig in Assam Asset.
The estimated contract value is INR 90.70 crore, strengthening the company's portfolio.
The award is in the ordinary course of business, as per SEBI disclosure norms.

Deep Industries Limited, a leading player in the oil and gas sector, has received a significant Letter of Award (LOA) from the Oil and Natural Gas Corporation Ltd (ONGC). This prestigious contract involves charter hiring one 100MT Workover Rig for a duration of seven years for ONGC's Assam Asset. The total estimated value of this award stands at a substantial INR 90.70 crore.

The announcement was made through an official communication to the Corporate Relations Departments of the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on January 3, 2025. The contract award marks a significant milestone in Deep Industries' commitment to supporting India's energy sector through innovative and reliable solutions.

Key Details of the Award

Awarding Entity: The contract has been awarded by Oil and Natural Gas Corporation Ltd, a leading public sector undertaking and one of India's most prominent oil exploration and production companies.
Scope of Work: The contract involves the charter hiring of one 100MT Workover Rig designed to ensure efficient operations at ONGC's Assam Asset.
Duration and Value: The contract is set for a seven-year period, with an estimated value of INR 90.70 crore, underscoring the project's strategic importance.
Nature of Transaction: Deep Industries confirmed that the award falls under the ordinary course of business and does not involve related party transactions.

Strategic Significance

Winning this contract strengthens Deep Industries' position as a reliable partner for ONGC and reinforces its reputation in the oil and gas industry. The long-term nature of the contract ensures sustained revenue generation and highlights the company's operational excellence.

This contract is yet another feather in Deep Industries' cap, aligning with its goal to contribute to India's energy security through innovative solutions and industry expertise.

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Deep Industries secures 7-year ONGC contract worth INR 90.70 crore for Assam

What's Covered:

Key Details of the Award

Strategic Significance

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Disclaimer