Hot Pursuit
Jindal Drilling & Industries surged 9.24% to Rs 864 after the company acquired jack-up rig, Jindal Pioneer from Discovery Drilling Pte, Singapore, a joint venture of the company, for a consideration of $75 million.
Jack-up rigs are floating drilling rigs with three or four movable legs that can elevate when the rig relocates from one location to another. These rigs are commonly used for drilling oil from deep-sea reservoirs.
The acquisition is funded through internal accruals and it shall improve operational synergies, increase the scale of operations, and enhance the company's profitability. The rig is currently on a bareboat charter.
Jindal Drilling and Industries, part of the Dharam Pal Jindal Group (DP Jindal Group), is a leading Indian company in offshore drilling and allied services, including directional drilling and mud logging.
The company's consolidated net profit surged 106.5% to Rs 65.95 crore in Q3 FY25 as against Rs 31.94 crore posted in Q3 FY24. Revenue from operations jumped 30.8% YoY to Rs 239.46 crore in the quarter ended 31 December 2024.
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