Deep Industries Secures INR 96.72 Cr Rig Charter for 7 Years! 🚀

Hey there, finance explorers! 👋 Let’s dive into some exciting news from the energy sector. Deep Industries Limited (DEEPINDS), a key player in oil and gas field services, has just announced a significant contract win that’s sure to get attention.

The company has received a Letter of Award from Oil India Limited for the charter hire of a brand-new workover rig. For those unfamiliar, a workover rig is crucial for maintaining and enhancing existing oil and gas wells, ensuring their continued productivity. Think of it as essential “maintenance crew” for the wells!

This isn’t just any contract; it’s a substantial one! The deal is valued at approximately INR 96.72 crores and spans an impressive seven years. The rig will be deployed in the oil-rich regions of Assam and Arunachal Pradesh, where Oil India operates extensively.

This award is a domestic one, meaning it’s between two Indian entities, and it falls squarely within Deep Industries’ ordinary course of business. It’s a clear sign of the company’s continued strength and expertise in providing specialized services to the upstream oil and gas industry.

As of its last close, Deep Industries (DEEPINDS) was trading at INR 482.05. This new, long-term contract with a major public sector undertaking like Oil India Limited certainly adds a strong foundation to the company’s future revenue visibility. It’s always great to see Indian companies securing such vital projects within the country!

Stay tuned for more updates from the world of finance! ✨

source: Corporate Announcement

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