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Hitech Drilling Services India Limited
Sector:Oil and Gas Oil and Gas - Exploration and Production
BSE:190NSE:HITECDRILBloomberg:HTD@INReuters:HTDR.BO
Market Lot: 1Face Value: 10ISIN Demat: INE555A01015
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Business Profile
Hitech Drilling Services (HDS) is a joint venture between Tata Industries and Sedco Forex International Drilling Inc of the Schlumberger Group. Hitech Drilling is in the business of leasing its drilling rigs on charter basis to oil exploration companies. It provides drilling and related services for oil exploration and production industry. HDS has two offshore jack-up rigs (Hitdrill 1and Marine 201) and a floating production unit -- Tahara. Hitdrill 1 is under operation with ONGC at the Mumbai fields and Marine 201 is at the Ravva fields. Tahara, HDS` most expensive asset, commenced oil production in July 1997 at the PY-3 offshore Pondicherry field under a contract with Hardy Exploration & Production, US.

Recent Developments
Hitech Drilling Services has amalgamated with Aban Loyd Chiles Offshore Limited.
As per the scheme two fully paid up equity shares of Rs 10/- each of Aban Loyd Chiles Offshore Ltd., will be allotted for every five fully paid up existing equity share of Rs 10/- each and two partly paid up equity shares of Rs 5/- paid up (face Value Rs 10/-) of Aban Loyd Chiles Offshore Ltd., will be allotted for every five partly paid up existing equity share of Rs 5/- each paid up (face value Rs 10/-) of Hitech Drilling Services Ltd., held.


In Brief

 
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