- Company’s fourth contract signed with an oil major in the fiscal
- Drilling to commence in April-May 2018
- Company on course to meet FY19 revenue target of Rs 400 crore
Mumbai, 21 February 2018: Essar Oilfields Services India Limited (EOSIL) today announced that it has been awarded a Rs 28-crore contract by Gas Authority of India Limited (GAIL) to drill three firm plus two optional wells in Gujarat’s Cambay basin. Drilling for the project is expected to commence in April-May 2018.
The Company has signed a series of onshore and offshore drilling contracts in FY18 with clients like GAIL, ONGC, Oil India and Mercator Petroleum. With projects in the pipeline, the Company is expecting to grow its revenue to Rs 400 crore in FY19, which is 35% more than the current fiscal.
Mr Rajeev Nayyer, CEO, EOSIL, said: “This contract, the fourth that we have signed this fiscal, yet again validates our credentials as a world-class drilling contractor. Both public and private sector oil majors have intensified exploration activity in India, and they have reposed faith in us for their drilling needs. After having signed back-to-back contracts with clients of this stature, we are poised to bag more such assignments and grow further in the next fiscal.”
EOSIL will be using the Essar Rig MR01 (1000 HP) to drill the wells for GAIL. The MR01 is the latest addition to the EOSIL fleet of rigs and is currently drilling for Mercator Petroleum. After completing this assignment, the rig will be deployed for the GAIL project.
In addition to its 15 land rigs, EOSIL also operates the offshore rig, Essar Wildcat, which is a semi-submersible rig capable of drilling in water depths of up to 1,600 feet and drilling depth of up to 25,000 feet. Since May 2017, this rig has been deployed on a three-year contract with ONGC on the east coast of India.
About Essar Oilfields
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.
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