Drillmec India bags oil rig orders worth $1.5 billion from Oil India & ONGC
Drillmec India, part of the $4 billion Hyderabad based Megha Engineering & Infrastructures Limited (MEIL) group, has achieved an oil rig order book of $1.5 billion with new rig orders from Oil India and ONGC NSE -2.51 %, the company said today.
The US$ 1.57 Billion order book was achieved on the basis of orders from Oil India Ltd NSE 0.58 % amounting to $ 143 million for five land based oil drilling rigs at a per unit price of $28 million per rig. MEIL already has a $860 million order from ONGC in addition to orders for ancillary equipment, spares and components. At current revenue pipeline, Drillmec is likely to cross annual revenues of US$216 million in India while global revenues could clock $500 million.
