Jindal Drilling acquires 49% in Virtue Drilling
Jindal Drilling & Industries has acquired 49 per cent stake in Virtue Drilling, Singapore, for a consideration of Rs 40 crore, from Jindal Pipes, as part of expansion and consolidation business strategy for offshore drilling business.
By INDIATIMES NEWS NETWORK |
MUMBAI: Jindal Drilling & Industries has acquired 49 per cent stake in Virtue Drilling, Singapore, for a consideration of Rs 40 crore, from Jindal Pipes, as part of expansion and consolidation business strategy for offshore drilling business.
Pursuant to this acquisition, Virtue Drilling has become a joint venture company of Jindal Drilling.
Jindal Drilling & Industries, DP Jindal Group Company is engaged in the business of offshore oil & gas drilling in India.
Virtue Drilling has ordered construction of one cantilever offshore jack-up rig to Keppel fels, Singapore, whose delivery is scheduled in December 2008.
The company has received an order to charter hire of the same rig from ONGC for 5 years valuing at Rs 1,080 crore. The said rig shall be deployed for operations under ONGC-JDIL contract immediately after completion of construction.
At 2:34 pm, Jindal Drilling shares were down 3.56 per cent at Rs 1,055.10 on BSE.
Pursuant to this acquisition, Virtue Drilling has become a joint venture company of Jindal Drilling.
Jindal Drilling & Industries, DP Jindal Group Company is engaged in the business of offshore oil & gas drilling in India.
Virtue Drilling has ordered construction of one cantilever offshore jack-up rig to Keppel fels, Singapore, whose delivery is scheduled in December 2008.
The company has received an order to charter hire of the same rig from ONGC for 5 years valuing at Rs 1,080 crore. The said rig shall be deployed for operations under ONGC-JDIL contract immediately after completion of construction.
At 2:34 pm, Jindal Drilling shares were down 3.56 per cent at Rs 1,055.10 on BSE.
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