Hazoor Multi Projects Secures ₹2.80 Billion Drilling Rig Contract via Quippo Acquisition, Marks Bold Entry into Offshore Oilfield Services

Hazoor Multi Projects Ltd (HMPL), one of India’s fastest-growing infrastructure and engineering firms, has announced a major breakthrough in its energy vertical. Through its newly acquired subsidiary Quippo Oil & Gas Infrastructure Ltd, HMPL has secured a ₹2.80 billion contract from Oil India Ltd for the charter hire of a high-capacity offshore drilling rig. This marks HMPL’s official entry into India’s upstream oil and gas sector, particularly offshore services, and signals a strategic shift toward integrated energy solutions.

 

Key Highlights from the Contract Announcement

Quippo, now a wholly owned subsidiary of Hazoor Multi Projects, has secured a ₹2.80 billion contract from Oil India

 

The contract involves charter hire of a deep-water drilling rig for exploration and production activities

 

Duration of the contract is 24 months, with optional extension based on performance

 

The rig will be deployed in the Krishna-Godavari Basin, a key offshore energy zone

 

This is HMPL’s first major oilfield services contract following its acquisition of Quippo on August 5

 

Strategic Significance of the Quippo Acquisition

Hazoor Multi Projects completed the acquisition of Quippo Oil & Gas Infrastructure Ltd through a competitive Swiss Challenge bidding process. The move was aimed at diversifying HMPL’s portfolio and unlocking synergies across infrastructure, energy, and industrial services.

 

Quippo brings to the table:

This acquisition positions HMPL to pursue large-scale contracts in offshore drilling, integrated energy services, and exploration support.

 

Project Scope and Technical Deliverables

The ₹2.80 billion contract includes:

The rig will be mobilized by October 2025, with drilling operations expected to commence in Q4 FY26.

 

Financial Impact and Market Reaction

Hazoor Multi Projects’ stock rose 4.2 percent intraday following the announcement, closing at ₹46.20 on the BSE. The contract is expected to contribute significantly to HMPL’s topline in FY26 and FY27, with estimated EBITDA margins of 18–20 percent.

 

Key financial metrics:

Analysts view the deal as a strong validation of HMPL’s strategic pivot and expect further order inflows from ONGC and private operators.

 

Broader Industry Implications

India’s upstream oil and gas sector is witnessing renewed interest amid rising energy demand and favorable policy reforms. The government’s Open Acreage Licensing Policy (OALP) and push for domestic exploration have created opportunities for service providers like HMPL.

 

The Krishna-Godavari Basin, where the rig will be deployed, is a high-potential zone with multiple discoveries and ongoing development projects. HMPL’s entry into this space aligns with national priorities for energy security and import substitution.

 

Strategic Outlook and Future Plans

Following this contract win, Hazoor Multi Projects is expected to:

The company’s leadership has emphasized long-term value creation through vertical integration and operational excellence.

 

Source: Moneycontrol – August 11, 2025 Business Standard – August 11, 2025 ANI News – August 11, 2025 Business Upturn – August 11, 2025