Jindal Drilling Secures 3-Year ONGC Rig Contract

Contract Details

• Awarding Entity: Oil & Natural Gas Corporation Ltd. (ONGC)
• Contract Scope: Deployment of rig Discovery-I for offshore drilling operations
• Contract Duration: 3 years
• Financial Terms: Effective Day Rate (EDR) of ₹51,99,293.21 (equivalent to USD 54,633.36)
• Entity Classification: Domestic entity
• Execution Timeline: 3-year period from contract commencement

Transaction Characteristics

• Domestic/International: Domestic order
• Related Party Status: No - promoter/promoter group/group companies have no interest in ONGC
• Arm's Length: Transaction does not constitute related party transaction

Financial Impact

The contract represents a significant revenue stream for Jindal Drilling at a fixed day rate of approximately ₹52 lakh per day (USD 54,633) for a three-year period, totaling substantial cumulative revenue potential.