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Jindal Drilling Bags Major ONGC Contract: Three-Year Contract at $35,138/Day Consolidates Growth Prospects

Updated: May 07, 2025 20:01

Image Source: Investing Stoics
Jindal Drilling and Industries Ltd. has won a major contract from India's energy behemoth Oil & Natural Gas Corporation (ONGC), a milestone in its association with the Indian giant. The three-year contract, bagged at an effective day rate of $35,138.71, speaks volumes about Jindal Drilling's robust industry position and operational proficiency.
 
Key Highlights
  • Three-Year ONGC Contract: Jindal Drilling has secured a formal contract with ONGC for deployment of its drilling rig, guaranteeing business visibility and revenue stability for three years.
  • Competitive Day Rate: The agreement is at an effective day rate of $35,138.71, meeting market standards and highlighting the company's capability in placing long-term, value-based contracts in a competitive market.
  • Operational Continuity: This agreement follows the expiration of the earlier contract, ensuring continuous operations and facilitating sustained cash flows for Jindal Drilling.
  • Industry Leadership: As a top drilling contractor in India, Jindal Drilling continues to offer crucial services to national and international exploration and production firms, further entrenching itself in the market.
  • Financial Implication: The win is an addition to the company's healthy order book and is likely to have a positive bearing on its financials in the coming quarters, aiding continued growth plans.
  • Recent Arbitration Victory: Apart from the new order, Jindal Drilling has also won an arbitration case worth more than ₹100 crore against ONGC recently, which will further enhance its balance sheet and bottom line in the near future.
This new contract by ONGC not only reiterates Jindal Drilling's reliability and technical competence but also portends further growth in India's crucial energy industry.
 
Source: TradingView/Reuters, SharesBazaar, Moneyworks4Me

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