On Thursday, Deep Industries’ share price moved a 52-week high of Rs 220.05, gaining 12% in early morning trade as the firm received an order from ONGC.

Deep Industries has acknowledged a Letter of Award (LoA) from Oil and Natural Gas Corporation Limited for Charter Hiring of 1 number of 90 MT Mobile Drilling Rigs with Integrated Mud Services & METP with Manpower for 3 years for CBM Asset, Bokaro. The overall estimated value of the award is about Rs 130 crore.

Deep Industries shall deliver complete drilling rigs and equipment in compliance with the broad and general standards mentioned in the technical provisions of the tender document.

The contract is to be implemented within 3 years from the contract’s start date.
The company developed (a 74%) equity stake in Breitling Drilling Private Limited, and thus, it became a subsidiary.
Breitling Drilling Private Limited (BDPL) is a Private limited company involved in the commercial of providing and operating rigs, vessels, ships, structure, oil/gas/CBM/shale/hydrocarbons field services like mud logging, mud engineering, cementing, hydro-fracturing, work-over, testing, wireline logging inspection, repairs and servicing of tubular, and handling of oil for oil and natural gas industry in India.

Deep Industries (DIL) invested Rs 7,400 by subscribing 740 equity shares in BDPL of Rs 10 each.

At 9:34 am, Deep Industries was trading at Rs 207.90, up Rs 11.55, or 5.88% on the BSE.