"Deep Industries Hits All-Time High with ₹1,400 Crore Order Win; Shares Surge 17%"

Deep Industries' share price soared to an all-time high following the announcement of a ₹1,402 crore order from Oil and Natural Gas Corporation (ONGC). The order, disclosed in an exchange filing, marks the largest contract the company has received to date and more than doubles its existing order book.

The contract involves Production Enhancement Operations at ONGC's Rajahmundry Asset, spanning 15 years. Production Enhancement Contracts (PEC) aim to boost hydrocarbon production from aging and depleted fields, extending their operational life by approximately 15 years. The project will focus on enhancing hydrocarbon reserves at the Rajahmundry asset through efficient practices and advanced technologies.

Paras Savla, Managing Director of Deep Industries, expressed enthusiasm about the landmark achievement, highlighting that the PEC framework will diversify revenue streams and enhance profitability. He emphasized the company's expertise and commitment to delivering exceptional outcomes, driving sustainable growth, and long-term success.

As of June 30, 2024, Deep Industries' order book stood at ₹1,246 crore, and this new contract significantly expands its portfolio. The company, with over 30 years in the Oil & Gas sector, offers a range of services including Natural Gas Compression, Dehydration, Workover and Drilling Rigs, and Integrated Project Management. Known for its innovation, Deep Industries was the first in India to offer complete Gas Processing Facilities on charter hire, reflecting its pioneering role in the industry.

BS