Deep Industries secures ONGC contract, acquires stake in BDPL

Deep Industries has announced that it secured a Letter of Award from Oil and Natural Gas Corporation (ONGC) for the charter hiring of a 90 MT mobile drilling rig with Integrated mud services and METP for CBM Asset, Bokaro. The company disclosed in a regulatory filing that the estimated value of the award is approximately Rs 1.30 billion. The contract is set to be executed over a three-year period starting from the commencement date.According to Deep Industries, they will provide a complete drilling rig and equipment that adhere to the technical specifications outlined in the tender document.Deep Industries specialises in offering air and gas compression services, drilling and workover services, gas dehydration services, as well as Integrated Project Management Services. They supply equipment and services for oil and gas field operations, available for rental and chartered-hire purposes.In a separate regulatory filing, Deep Industries announced the acquisition of a 74 per cent equity stake in Breitling Drilling Private (BDPL), thereby making it a subsidiary of Deep Industries. Through subscription to BDPL shares, Deep Industries obtained 740 equity shares with an aggregate investment of up to Rs 7,400. Deep Industries Limited has invested Rs 7,400 by subscribing to 740 equity shares in BDPL, each valued at Rs 10, stated the regulatory filing.BDPL is involved in providing and operating rigs, vessels, ships, structures, and various field services such as mud engineering, mud logging, cementing, hydro-fracturing, work-over, testing, wireline logging inspection, repairs and reconditioning of tubular, as well as handling of oil for the oil and natural gas industry in India.Deep Industries believes that the proposed investment in BDPL will bring operational efficiencies to the company. It is expected to enable the development of additional service offerings and strengthen the organisation, according to Deep Industries.