Essar Oilfields Services sees revenue rising to $48 million

Essar Oilfields Services Ltd, which provides drilling services to oil and gas companies across the globe, sees its revenue more than double to $48 million in current fiscal on new orders from state-run explorer ONGC and private sector players who are reviving their capital expenditure plans.
A fully-owned subsidiary of Essar Shipping Ltd, Essar Oilfields owns and operates 15 land rigs and one offshore semi-submersible rig. The company had reported $18 million in revenue in 2016-17.

“We are expecting to clock a revenue of over $48 million in the current fiscal, of which $18 million will be generated by its fleet of land rigs, while $30 million will be generated by Essar Wildcat, an offshore semi-submersible rig contracted to ONGC,” Rajeev Nayyer, chief executive officer at Essar Oilfield Services, told ET. “The revenue projection is conservative as some other land rigs are in the process of being employed on fresh drilling contracts.”

Nayyer said the firm expects some long-term contracts from ONGC and some private players.

Earlier this month, Essar Oilfields started a contract for Mercator Petroleum with the drilling of the first well in Cambay Basin.