Deep Industries has secured a significant domestic contract from Oil India for the hiring of a 1000 HP mobile drilling rig package in Assam and Arunachal Pradesh. According to reports from Business Standard, the order is valued at approximately ₹148 crore and is scheduled for execution over four years. The contract represents a fully domestic arrangement with no involvement from the company's promoters or group entities, and does not fall under related party transactions.
This project reinforces Deep Industries' footprint in the upstream oil and gas sector while strengthening its drilling operations capabilities in India's northeast region. As reported by Business Standard, the company specializes in providing air & gas compression services, drilling and workover services, gas dehydration services, and integrated project management services in the oil and gas field services sector.
Shares of Deep Industries fell 6.52% to end at ₹381.30, while shares of Oil India declined 4.20% to close at ₹455.20 on the BSE, according to Business Standard. The market reaction suggests investor concerns about the contract's impact on operational margins or competitive positioning in the oil and gas services sector.
