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Company Name : Deep Industries Ltd

Friday, August 10, 2018 3:52PM IST (10:22AM GMT)

(NSE:DEEPIND)(BSE:532760)

Deep Industries Limited Successfully Executes a USD4 Million Maiden Project in Middle East


Ahmedabad, Gujarat, India

Deep Industries completes its first project in the Middle East. This project-based in Kurdistan, Iraq, encompassed setting up a 6,720 BHP (5,000 KW) gas compression plant. The project was executed in a record time of 12 weeks and is valued at US$4 million.
 
The scope of the project involved offering an integrated solution by the way of configuring a Customised Plant for specific requirements of 120 MMSCFD flow at 122º F (50º C) ambient temperature.
 
With the successful execution, Deep Industries Ltd. now has a footprint in the Middle Eastern markets with focused plans for specific markets like Oman, Bahrain, Kuwait, UAE, and Iraq.
 
Deep Industries has approached the Oil & Gas industry with a unique Service proposition of Integrated Project Management (IPM) Services. This comprises a portfolio of services that include drilling, logging, cementing & hydrofracturing.
 
The Company has already drilled 5 wells under IPM project for the PEPL and ONGC led Consortium in Jharkhand on a turnkey basis and has plans of drilling 30 wells under IPM project by the end of FY19.
 
With India’s crude oil demand expected to reach 150 percent to 10.1 million tonnes per day by 2040, the oil and gas companies in India will spend at the current levels in near future. The addition of 228 cities to the city gas distribution (CGD) network, Gas Compression & Gas Dehydration services will have increasing opportunities. The recent allocation of blocks through OLAP and HELP will also be an increasing source to provide oil and gas services. The Government’s thrust on promoting CBM and SHALE gas will result in a lot of exploration activities in India. These explorations will also result in an increase in opportunities for Deep Industries.

Commenting on the occasion, Mr. Paras Savla CMD said, "With the completion of our maiden project in Middle East, our efforts to establish footprint in the GCC markets have started. We intend to provide the best quality on-shore oil and gas services in the Middle East along with our establishment in India. We are committed to bringing innovative solutions for the Oil & Gas Industry to be a one-stop solution provider." 

About Deep Industries Limited
 
Deep Industries Limited is a leading services provider in the Oil and Gas and Coal Bed Methane (CBM) sectors with its business interests in the areas of Gas Compression, Dehydration, Drilling Rigs Services & Management and Exploration and Production services, both on and off-shore. The company was the first of its kind in India to offer such services in the sector and now commands a healthy market share. With a primary objective of catering the ever increase demand for Oil and Gas Industry, the company started its operation in 1991. Since its inception, Deep Industries Limited has been serving the industry in various segments with the foremost being providing Air & Natural Gas Compressor Services on chartered hire basis.
 
In the year 2006, company successfully diversified itself in providing Workover & Drilling Rig Services on chartered hire basis. Currently, company holds a strong fleet of Onshore Workover & Drilling Rigs ranging from 150 HP TO 1000 HP.
 
Apart from starting as a Service provider, Deep Industries Limited successfully forayed itself in Exploration and Production segment and having various Onshore Oil and Natural Gas blocks, Coal Bed Methane Blocks awarded under different rounds of NELP and CBM bidding. After successful run in Exploration and Production Business in India, Deep Industries Limited has also been awarded One (1) Onshore Coal Bed Methane Block in Indonesia. The Company has grown up to be a "One Stop Solution" provider for every need in Oil and Gas field operations by catering various equipment and services under rental and chartered-hire basis.

Website: www.deepindustries.com


Click here for Media Contact Details

Rohan Shah, CFO, Deep Industries Ltd, rohan@deepindustries.com

Shogun Jain, Investor, Strategic Growth Advisors Pvt. Ltd., +91-7738377756, +91 (22) 61146609, shogun.jain@sgapl.net

Indranil Ghosh, Media, Strategic Growth Advisors Pvt. Ltd., +91-9820009855, +91 (22) 61146665, indranil.ghosh@sgapl.net

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News Summary

Deep Industries completes its first project in the Middle East. This project-based in Kurdistan, Iraq, encompassed setting up a 6,720 BHP (5,000 KW) gas compression plant. The project was executed in a record time of 12 weeks and is valued at US$4 million.