Company on course to clocking Rs 300 crore revenue in FY18
- Company’s MR#11 land rig to drill 30 wells in ONGC’s CBM block in Bokaro, Jharkhand
- Repeat order from ONGC; EOSIL’s semi-submersible rig on contract since May 2017
- Contract period is for one year
- Contract value of Rs 32 crore
- EOSIL aims to become significant partner in India’s energy security
Mumbai, 24 January 2018: Essar Oilfields Services India Limited (EOSIL) today announced that it has been awarded a one-year, Rs 32-crore contract by ONGC to drill 30 wells at the latter’s coal bed methane (CBM) block in Bokaro, Jharkhand. The Company will be deploying the MR#11 land rig for the job, which is expected to commence in the next few weeks.
EOSIL, which is close to posting a revenue of Rs 300 crore in the current fiscal, has three of its land rigs currently in operation. These rigs have been contracted with Oil India and Mercator Petroleum. Its offshore semi-submersible rig, the Essar Wildcat, is also deployed on a three-year Rs 850-crore contract with ONGC since May 2017, making this the Company’s second drilling contract with the state-owned oil & gas exploration and production major.
EOSIL is expecting to increase its revenues by a further 20% in FY 2018-19 because of better deployment of assets. Eight of its rigs are likely to be in operation for a range of clients in the upcoming financial year.
Mr Rajeev Nayyer, CEO, EOSIL, said: “We are proud to have been awarded this drilling contract for the Bokaro block, which is being widely regarded as India’s biggest CBM project. It demonstrates the depth of our expertise in contract drilling and will help us secure more such prestigious projects. With increased activity in India’s oil & gas exploration sector, our state-of-the-art rigs are well equipped to help boost domestic crude production, thus ensuring the country’s energy security.”
The Oilfields Services business provides contract drilling services to oil & gas companies across the globe. The company was incorporated in 2006 with a focus on providing quality onshore and offshore drilling services to domestic, as well as international clients. With a diverse mix of rigs in its fleet, EOSIL continues to win and execute projects for prestigious clients, such as ONGC, Oil India, HOEC, IOC and GAIL. All EOSIL rigs are equipped with advanced equipment and have a proven track record of achieving high drilling efficiencies. The Company also has a pool of talented engineers and managers who have earned the confidence of clients through their ability to find solutions to problems during every stage of the well drilling process. Safety is EOSIL’s topmost priority. The Essar Wildcat has clocked over nine years of operations without a Loss Time Injury (LTI), and is constantly evolving and upgrading to surpass the highest safety benchmarks in the industry.
Manish Kedia, Senior Vice President – Corporate Affairs, Essar
Phone: +91 98197 30092; Email: email@example.com
Ravi Muthreja, Vice President – Corporate Communication, Essar
Phone: +91 99301 34566; Email: Ravi.Muthreja@essar.com