Jindal Drilling Re-lists at a Premium on Indian Stock Exchanges

Jindal Drilling & Industries Ltd, (a DP Jindal Group Company) a major offshore drilling contractor in India, has recently completed financial restructuring to chart out strategic future growth. The company has successfully completed the merger of the group entities in the similar business and has effected de-merger of its other entities, which gives them a focused approach on its core area of drilling.

With the bullish analysis by major analysts, the company's stock of face value INR 10.00 (US$0.22) was re-listed back on Indian stock exchanges on December 22, 2006 at a value of INR 655(US$14.55) and touched the intraday high of INR 702($15.6).

The Board approved to pay a dividend of 25% on equity shares in its annual general meeting held on December 15, 2006.

The Company is currently operating two jackup rigs on long-term contracts for the national oil company, ONGC Ltd. The company is further executing six directional drilling contracts (MWD&SDMM) and also operating various mud logging units for E&P companies. There are also plans to branch out in the area of deepwater operations and also work over rigs.

The Group has also committed US$350mn for the construction of TWO 350/400’ IC jackup rigs at Keppel shipyard in Singapore, coming out in Sep 2008 and Nov 2008, respectively, and are available for contracts worldwide.

Being one of the oldest premium drilling contractors of India, the company has rich experience in the field of offshore drilling and has enormous prospects in India where the energy scenario is more vibrant than ever due to string of several huge finds by E&P companies, like Cairn Energy, Reliance and ONGC, etc.