Drilling Deeper: Jindal Acquires 'Jindal Pioneer' for $75 Million

Jindal Drilling & Industries has purchased the jack-up rig "Jindal Pioneer" from Discovery Drilling Pte. Ltd., Singapore, for $75 million. The acquisition, which was financed out of internal accruals, is likely to increase the operational synergies and enhance the profitability of the company. The r...

Jindal Drilling & Industries has purchased the jack-up rig "Jindal Pioneer" from Discovery Drilling Pte. Ltd., Singapore, for $75 million. The acquisition, which was financed out of internal accruals, is likely to increase the operational synergies and enhance the profitability of the company. The rig is presently on bareboat charter. In the wake of this announcement, the shares of Jindal Drilling rose 9.24% to Rs 864 on the stock market. This purchase supplements the company's current fleet of five offshore jack-up rigs, two of which are owned and three leased. The acquisition is part of Jindal Drilling's plan to consolidate its position in the offshore drilling business. Source: Business Standard, March 6, 2025