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Jindal Drilling and Industries received a contract from the Oil & Natural Gas Corporation Ltd. (ONGC) for deployment of Jack-up Rig "Virtue-I" on a charter hire basis.

The company has been awarded for a price of Rs 64.5 lakh, over a period of three years.

ONGC had floated a global tender early this month to hire 12 oil rigs. The state-owned oil and gas explorer is going to hire six oil drilling rigs after wrapping up price negotiations with different companies, the Economic Times reported. The company is going to hire two jack-up rigs each from Dubai-based Shelf Drilling Ltd. and Abu Dhabi-based Foresight Offshore Drilling Ltd S.A, and one from Jindal Drilling and Industries Ltd., all on three-year contracts, the report added.

ONGC is going to award the contracts for jack-up rigs at prices that were 40-45 percent higher than previous contract rates due to a tightening supply of oil rigs in the international market.

Jindal Drilling and Industries posted a consolidated profit of Rs 155.58 crore during the quarter ended September 30, 2022, an increase of 3.77 percent quarter-on-quarter compared to Rs. 149.92 crore in June 2022 quarter.

Shares of Jindal Drilling ended 5 percent lower at Rs 260.50. The stock is up close to 90 percent on a year-to-date basis.