Deep Industries Limited announced today that it has received a Letter of Award from Oil and Natural Gas Corporation Ltd (ONGC) for the charter hiring of a 100MT workover rig for a period of seven years. The total estimated value of this contract is approximately INR 90.70 crores.
The contract, awarded by the domestic energy giant ONGC, will involve Deep Industries providing the workover rig for operations at the Assam Asset, a crucial region for ONGC’s activities. This significant order aligns with the company’s growth strategy and reinforces its position in the energy sector.
The charter agreement is set to be executed over the next seven years, marking a long-term commitment between the two companies. According to Deep Industries, the contract falls within the ordinary course of business and does not involve any related party transactions.
The company has confirmed that there is no promoter or group company involvement in the award, which is being executed at arm’s length.
This new contract is expected to provide a stable revenue stream for Deep Industries and further enhance its offerings to the energy sector.
