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Oil India Contracts Dolphin Drilling for Andaman Offshore Exploration

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Synopsis:

Oil India signed a contract with Dolphin Drilling for the Blackford Dolphin rig, to explore Andaman Offshore Blocks. The state-owned company reported a 13.45% rise in net profit and a 2.46% increase in revenue in Q4 FY24.

Oil India Share Update

Investors will focus on Oil India share price today as the state-owned Maharatna company has announced a significant partnership with Dolphin Drilling, a leading offshore drilling contractor based in Norway.

The agreement was formalised on 22 July 2024 and involved the deployment of the 'Anchor Moored Semi-Submersible Drilling Unit Blackford Dolphin' for exploration activities in the Andaman Offshore Blocks.

Partnership Details

The Blackford Dolphin rig, renowned for its advanced drilling technology, will be instrumental in undertaking exploration activities in the Andaman Offshore Blocks. This collaboration is expected to boost Oil India's operational efficiency and exploration outcomes in the region.

Company Background

Oil India operates under the administrative control of India's Ministry of Petroleum and Natural Gas and holds the prestigious Maharatna status. As of 31 March 2024, the Government of India retains a 56.66% stake in the company. 

Financial Performance

In its financial performance for Q4 FY24, Oil India reported a 13.45% increase in standalone net profit, amounting to ₹2,028.83 crore. This was accompanied by a 2.46% rise in revenue from operations, which totalled ₹5,527.3 crore.

Oil India share price dipped slightly on 22 July 2024, closing at ₹555, down 2.86%. Recently, investors also received Oil India bonus shares in the ratio of 1:2 along with a final dividend of ₹3.75 per share for 2023-24.

Key Takeaways

Oil India's strategic contract with Dolphin Drilling marks a significant step in enhancing its offshore exploration capabilities. The deployment of the Blackford Dolphin rig in the Andaman Offshore Blocks is anticipated to bolster the company's exploration activities, contributing to its long-term growth and sustainability objectives.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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