Shiv Vani wins Offshore Drilling Contract from Gulf of Suez Petroleum Company (From BSE)

Posted By: Religare
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Shiv Vani Oil and Gas exploration Services Ltd, in its filing to Bombay Stock Exchange (BSE), has said that it has won an offshore Drilling Contract from Gulf of Suez Petroleum Company (GUPCO), a 50-50 joint venture between British Petroleum (BP) and the Egyptian General Petroleum Company (EGPC).

The duration of the drilling contract is two years and can be further extended by another year.

The drilling will be conducted in the Gulf of Suez, Egypt, for which the company had acquired "Ocean Heritage", a jack up offshore drilling rig from Diamond offshore heritage LLC, through its 100% wholly owned subsidiary based in Singapore.

Commenting on the success, Prem Singhee, CMD,Shiv Vani said," This is a key breakthrough for the company from the strategic perspective. We are very delighted on this acquisition as it is a new beginning for the company and has set a strong offshore drilling platform for Shiv Vani"

Meanwhile the company share was trading at Rs 164.20, 0.73% down on BSE at 1412hrs.

Story first published: Thursday, May 3, 2012, 23:42 [IST]
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