(PTI)
Essar Oilfield Services Ltd is eyeing a 20 per cent jump in revenues next fiscal as the country’s focus on raising domestic output propels a stagnant rig hire market. The company, which owns 16 rigs used for drilling of oil and gas, is expected to end the current fiscal with a revenue of Rs 300 crore, up from Rs 105 crore in the previous year, its CEO Rajeev Nayyer said.
“In the next fiscal, we are expecting a 20 per cent rise in revenues to Rs 360 crore” as more of the company’s rigs are hired by explorers, he said. Of the 16 rigs it holds, 15 are on-land drilling rig and one is submersible rig. Three of the on-land rigs are in Dubai and out of the remaining 12, the company expects at least eight to be hired by explorers, the CEO said. The company’s offshore semi-submersible rig, the Essar Wildcat, is already deployed on a three-year contract with state-owned Oil and Natural Gas Corp (ONGC) since May 2017, Nayyer added.
