Deep Industries Wins Rs 1,402 Crore Project From ONGC
The letter of award involved production enhancement operations in mature oil fields at Rajahmundry.
Deep Industries Ltd., an offshore support solution drilling company, received an order worth Rs 1,402 crore from Oil and Natural Gas Corp. for a project in Andhra Pradesh's Rajahmundry. The letter of award involved production enhancement operations in mature oil fields at Rajahmundry for a period of 15 years, an exchange filing said on Saturday.
Deep Industries is a key player in the gas compression space. The company enjoys an 80.2% market share in the outsourced gas compression market, which is likely to grow.
The company specialises in providing oil and gas field support services. The company's service portfolio includes natural gas compression, natural gas dehydration, workover and drilling rig services and integrated project management services.
The natural-gas compression segment accounts for 37% of Deep Industries' total revenues.
The company's order book stands at Rs 1,246 crore as of June quarter, reflecting a 12% year-over-year growth. It received orders worth Rs 138 crore from ONGC for processing gas and workover rigs for Tripura and Rajahmundry in the first quarter.
