Drillmec bags oil rig orders from Oil India and ONGC

Drillmec India, part of the $4 billion Hyderabad-based Megha Engineering & Infrastructures (MEIL) group, has achieved an oil rig order book of $1.5 billion with new rig orders from Oil India and ONGC. The $1.57 billion order book was achieved on the basis of orders from Oil India amounting to $143 million for five land based oil drilling rigs at a per unit price of $28 million per rig. MEIL already has an $860 million order from ONGC in addition to orders for ancillary equipment, spares and components. At current revenue pipeline, Drillmec is likely to cross annual revenues of $216 million in India while global revenues could clock $500 million. DrillMec India’s outstanding orders as on July 31, 2022 stands at 54 rigs and at an order value $1.57 billion including $300 million for FY 2022-23, followed by current booked order value of $800 million order value in 2023-24 and of $500 million in FY2024-25 as expected delivery spread, the company said in a statement.