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Deep Industries Secures ₹62 Crore Drilling Services Contract from Selan Exploration

Updated on: Dec 20, 2024, 2:09 PM IST
Deep Industries has won a Letter of Award worth ₹62 crore from Selan Exploration for integrated drilling services for 18 months.
Deep Industries Secures ₹62 Crore Drilling Services Contract from Selan Exploration
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Deep Industries Limited, a leading provider of oilfield services, has announced receiving a Letter of Award (LoA) from Selan Exploration Technology Limited. The award pertains to the provision of integrated drilling services across Selan-operated blocks, solidifying Deep Industries’ role as a key player in the energy sector.

Key Highlights of the Contract

  1. Awarding Entity: Selan Exploration Technology Limited.
  2. Scope of Work: Integrated drilling services for operational blocks.
  3. Contract Duration: 18 months, beginning immediately.
  4. Value: The contract is valued at approximately USD 7.30 million, equivalent to ₹62 crore.

Share Price Performance

On December 20, 2024, the stock of Deep Industries opened on a high note and reached an intraday peak of ₹618.20 on the NSE. By 9:44 AM, the stock was trading at ₹602. 

Regulatory and Transparency Details

As per SEBI’s Listing Obligations and Disclosure Requirements, the company confirmed:

  • No promoter or group companies have any interest in the awarding entity.
  • The transaction does not fall within related party transactions, ensuring transparency.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

Published on: Dec 20, 2024, 2:09 PM IST

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