DRILLING FOR PROFITS
Article Abstract:
Hitech Drilling Services India (HDSI), engaged in providing drilling and related services, owns 2 offshore rigs - Hitdrill- 1 and Marine-201. Hitdrill-1 is operating for ONGC and Marine- 201 is operating for Command Petroleum. The contract with ONGC has been extended by 2 years from October 1997. It is extendible by another year at mutually agreeable rates. The contract with Command Petroleum will end in November 1998 or on completion of the last well in hand. In the HDSI's total equity of Rs20.32 crore, the Tata group holds a stake of 55 percent, foreign institutional investors (FIIs) 7 percent and the public the rest. The performance of HDSI is expected to be good in the coming few years as the demand for drilling rigs is expected to remain high in India and abroad. The day rates for the rigs are also expected to be profitable in the near future due to dollar- denominated receipts and rupee-denominated payments, bearing no direct relation to day-to-day rates. The operating income of HDSI in 1998-99 is expected to be around Rs160 crore and the net profit Rs31 crore. This will result in an earning per share of Rs15.40. (gsh)
Comment:
Owns 2 offshore rigs, Hitdrill-1 & Marine-201 to provide drilling & related services
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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HITECH DRILLING NET UP 200%
Article Abstract:
Hitech Drilling Services India Ltd, a part of the Tata group, has increased its net profit by 200 percent to Rs9 crore in the first quarter of 1998-99 against Rs3 crore in the first quarter of 1997- 98. Its income from operations has increased to Rs40 crore from Rs15 crore. Its performance has improved due to the increased day rates for its offshore jackup drilling rig Hitdrill 1 and the start of a new contract for its floating production unit. (khr)
Comment:
Raise net profit by 200% to Rs9 crore in first quarter of 1998-99 against Rs3 crore in the first quarter
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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HITECH DRILLING NET UP 211%
Article Abstract:
Hitech Drilling Services (HDS) has posted a 211 percent rise in its net profit during April-September 1998. During this period, the sales grew by 111 percent. Higher day rates for Hitdrill-1, Hitech's offshore jackup drilling rig and the commissioning of a new contract for the floating production unit have enabled HDS to post a better performance during the period. The financial performance of the company is given. (ag)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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