Jindal's Dicovery-1 Wins ONGC Contract

Jindal Drilling & Industries Ltd has been awarded another contract by ONGC Ltd. This contract is for its newbuild jackup Discovery-1 and is valued at INR 660 Crores. The contract has a firm period of three years with a dayrate of US $159,660.

The rig is currently under construction at Keppel FELS shipyard in Singapore. The rig has a scheduled delivery date of September 2008. The contract calls for the rig to start operations on or before November 1, 2008.

With this latest contract Jindal's order book stands at INR 2500 Crores and the financial performance of the Company is expected to improve substantially in the coming years.

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