Oil and gas rig manufacturer Drillmec, part of the Hyderabad-headquartered Megha Engineering and Infrastructures (Meil) group, has secured orders worth $143 million (approximately Rs 11.36 billion) from Oil India Ltd, taking its total order book to $1.57 billion (approximately Rs 124.74 billion).
The Meil entity is currently executing orders of Rs 60 billion for the supply of 47 rigs that it had secured from the state-owned oil and gas producer ONGC last year.
Meil, a multi-disciplinary conglomerate with Rs 187.70 billion revenues in fiscal to March 2021 with an order book of over Rs 1280 billion by June 2021, has interests in defense, hydrocarbons, power, aviation, EV buses, irrigation and drinking water, among others.
In a media statement on August 17, Drillmec said its order book has surpassed $1 billion mark with the latest order from Oil India and that it was eying an order book size of over $1.5 billion by next fiscal.
The latest order of $143 million from Oil India was to supply five units of land-based oil drilling rigs at a price of $28 million per rig, said Drillmec, adding that it was hoping to cross annual revenues of $216 million in India while the global revenues could surpass $500 million mark.
Drillmec has on the occasion of India’s 75th Independence Day rolled out the first-ever Made in India advanced hydraulic and automated land-based oil drilling rig of 2,000HP capacity to drill up to 6,000 metres (6 km), valued at $26 million apiece. This oil rig, the 15th rig to be manufactured at Meil group’s Hyderabad facility, is currently undergoing system integration testing and will be deployed at ONGC’s Agartala (Tripura) asset.
