Jindal Drilling Acquired 49% holding in Virtue Drilling Pte Ltd, Singapore
Jindal Drilling & Industries Ltd has informed BSE that on March 31, 2008 the Company has acquired 49% holding in Virtue Drilling Pte Ltd. (VDPL), Singapore at a consideration of INR 40 Crores from Jindal Pipes Ltd., India, as a part of it’s business strategy of
expansion and consolidation of offshore drilling business. Pursuant to this
acquisition, Virtue Drilling Pte Ltd (VDPL), Singapore has become a joint venture Company (JVC) of the Company.
In this regard the Company has issued the following Press Release.
“Jindal Drilling & Industries Ltd (JDIL), D.P. Jindal Group Company is engaged in the business of offshore oil & gas drilling in India.
On March 31, 2008 JDIL has acquired 49% holding in Virtue Drilling Pte Ltd. (VDPL), Singapore at a consideration of INR 40 crores from Jindal Pipes Ltd., India, as a part of it’s business strategy of expansion & consolidation of offshore drilling business. Pursuant to this acquisition Virtue Drilling Pte Ltd (VDPL), Singapore has become a
Joint Venture Company (JVC) of JDIL.
VDPL has ordered construction of one cantilever offshore jack-up rig (350″ ft) (Virtue-I) to Keppel fels, Singapore, whose delivery is scheduled to be in December 2008. JDIL has been awarded order for charter hire of the same rig from ONGC Ltd for 5 years valuing Rs 1080 crores (approx.). The said rig shall be deployed for operations under ONGC-JDIL contract immediately after completion of construction”.
Tags: Jindal Drilling