Jindal Drilling bags ONGC order

Chennai:

Jindal Drilling & Industries Ltd has informed the BSE that the company recently won a contract worth Rs 660 crore for charter hire of the newly built jackup rig (Discovery-I) by ONGC Ltd. The contract is at operating day rate of $159,660 for a three-year period on firm basis. The rig is under construction at Keppel Fels Shipyard at Singapore and is expected to be delivered in September 2008; it will be deployed for the operation under this contract immediately thereaft er. With this, the total order book stands at Rs 2,500 crore. The financial performance of the company is expected to improve substantially in the coming years. The shares of the company ended at Rs 1,179.55, up 7.41 per cent, on the BSE on Monday.