Jindal Drilling And Industries Limited has informed the Exchange about Bagging/Receiving of orders/contracts
JINDRILL · price
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Awaiting price reaction for this filing.
Jindal Drilling has received a Notification of Award from ONGC for deploying its rig 'Jindal Explorer' on a new 3-year contract at an Effective Day Rate of USD 35,138.71. The current ONGC contract for this rig is expected to end in Q1 FY26, with the new contract expected to start in Q3 FY26. Over the full 3-year term, the implied contract value is roughly USD 38.5 million. The order is from a domestic government-owned entity (ONGC) and is not a related-party transaction. There is a gap of roughly one to two quarters between the end of the existing contract and the start of the new one, which could create some short idle time for the rig.
The 3-year contract extension with a strong public-sector client provides long-term revenue visibility and reduces business risk. However, the gap between the current and new contract (Q1 FY26 to Q3 FY26) may pressure near-term utilisation and earnings, which investors should watch.